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FERRARI ABANDON F1 BREAKAWAY

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World champions Ferrari have broken ranks with the teams planning a breakaway series after pledging their future to Formula One until 2012.

The team has signed an extension of the Concorde Agreement governing the running of the sport.

The move is said to end any major threat to F1's future from the Grand Prix World Championship (GPWC), which has been threatening the breakaway.

According to the BBC, F1 supremo Bernie Ecclestone said Ferrari had signed a new version of the Concorde Agreement that resolved many of the grievances held by the GPWC, who were asking for a greater share of F1's revenues and more say in the running of the sport.

Ecclestone said he was offering the teams an extra $500million (£267million) over three years.

The other teams have not yet signed but are said to be aware of the new terms.