Ferrari extend existing F1 agreement until 2012

World champions Ferrari have agreed to extend until 2012 the 'Concorde Agreement' governing the running of Formula One, the International Automobile Federation announced yesterday.

The surprise news effectively means Ferrari have gone their own way and broken ranks with other carmakers who say they are planning their own series from 2008.

"Further to discussions regarding the long-term development of the FIA F1 world championship, the FIA, Formula One Management and Ferrari have agreed to prolong the Concorde Agreement for the period 2008 to 2012," the FIA said.

FIA president Max Mosley said the the agreement "will ensure the future development of the FIA's most important championship".

Bernie Ecclestone, Formula One's commercial rights holder, added: "Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised."

Ferrari head Luca di Montezemolo, who has repeatedly called for the teams to get a far greater share of Formula One's revenues, said the agreement was a "strong message of stability for the future of Formula One".

"This agreement is in line with what Ferrari had hoped for, for a long time," he added.