New Ferrari sponsor ends budget fears
Last week Ferrari moved to dispel talk that their huge budget is under pressure after the departure of Vodafone to McLaren, with team boss Jean Todt insisting that they have "never had so much" money.
However, the denials now seem to have some foundation, as the Scuderia have already filled the void left by the mobile giant's switch by securing a multi-million pound sponsorship deal with De Beers, the world's largest diamond mining company.
The partnership will commence in 2007, and will feature alongside a new contract with the Philip Morris (Marlboro) group, despite the tobacco advertising bans which are currently extending across Europe.
Todt also revealed that the Italian outfit had some say in Vodafone's departure. He told FAZ: "Vodafone went to our competitor because we couldn't give them everything they wanted."
It is also reported that Ferrari's 2008 Concorde Agreement involves a substantial increase in revenues for the squad.
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