Ferrari banks on Schumacher

WORLD champion Michael Schumacher and teammate Rubens Barrichello have new Ferrari contracts in their pockets as the Formula One circus heads towards this weekend's Monaco Grand Prix.

Schumacher has extended his current deal, which was due to expire at the end of 2002, out to the end of 2004, while Barrichello has secured a 12-month extension to the end of 2002.

Schumacher's new deal is said to be worth an extra $7 million a year, bringing the German's annual salary to more than $60 million.

This figure will bring Ferrari's total payout to Schumacher from his first season with it in 1996 until the end of 2004 to more than $550 million.

Schumacher was understandably delighted with the new deal.

"I have often said before how well I get on here at Ferrari and that for me the Scuderia is like a second family," said Schumacher.

"I am very happy to have prolonged my stay by another two years and I hope that this continuation with the team will bring plenty of successes.

"The discussions took place in the same positive atmosphere which has typified our relationship and we soon reached an agreement." Barrichello, who had a conciliatory meeting at Ferrari after the Austrian Grand Prix where he was ordered to sacrifice his second place for Schumacher, was similarly happy.

"I'm very pleased. There were a lot of rumours about my contract, but I knew everyone - from the president, Mr Montezemolo, and Jean Todt down - inside the Ferrari family were very relaxed about the situation. I think both sides are happy - both myself and Ferrari." Schumacher goes into the Monaco race leading Austrian GP winner David Coulthard by just four points, the Scot having his confidence boosted further by topping the times at recent F1 testing in Valencia, Spain.

Coulthard is also the defending champion at Monaco.

"Last year's race was very special to me as. Along with the majority of drivers, Monaco is one of the tracks where I had always wanted to win and I am aiming to do the same this year," Coulthard said.

"In Austria we once again demonstrated the speed of the car and the excellent strategy capabilities of the team, the latter of which can be very important in Monaco." McLaren has an impressive history at Monaco having won the race 11 times, more than any other constructor.

Coulthard's teammate Mika Hakkinen also last year set the Monaco lap record with a time of 1.21:571.

The team obtained its first victory in Monte Carlo in 1984 with Alain Prost, which started a run of wins that lasted until 1993, excluding only 1987. During this time the late Ayrton Senna secured five of his record six victories at the event.

But Schumacher is a four-time winner at the 3.370km circuit that is widely agreed to be far too narrow and tight for current generation F1 cars.

Schedule for the sixth round of the season:
Saturday: Qualifying (1.00pm-2.00pm)
Sunday: Race (2.00pm)
Race distance is 78 laps or 262,860 km DRIVERS' CHAMPIONSHIP
1 Schumacher (GER) 42
2 Coulthard (UK) 38
3 Barrichello (BRA) 18
4 R Schumacher (GER) 12
5 Heidfeld (UK) 8
6 J Trulli (ITA) 7
=7 H-H Frentzen (GER) 6
=7 J-P Montoya (COL) 6
9 Panis (FRA) 5
=10 M Hakkinen (FIN) 4
=10 Villeneuve (CAN) 4
=10 Raikkonen (FIN) 4 CONSTRUCTORS' CHAMPIONSHIP
1 Ferrari 60
2 McLaren 42
3 Williams 18
4 Jordan 13
5 Sauber 12
6 BAR 9
=7 Benetton 1
=7 Arrows 1