Martini and Rossi to sign deal with Ferrari

UPDATE This rumor is now upgraded to 'fact'. Ferrari announces that it has reached a sponsorship agreement with Martini Racing. The agreement, which covers a three year period, will see the Martini logo appear on the cars that will contest the FIA Formula 1 World Championship.

"We are extremely excited about our new partnership with the Scuderia Ferrari F1 team," said Robert Furniss-Roe, director of Martini Racing. "We have a long and proud heritage in motorsports and this latest chapter promises to be rewarding and exciting for us and our consumers.

"Ferrari has produced some of the most evocative and famous racing cars ever built, and there is no other team in Formula One that better reflects the personality and character of Martini.

"The global appeal of Formula One also provides us with a highly visible platform to engage and communicate with consumers around the world."

01/23/06 Ferrari is expected to announce later today that it has signed a new sponsorship deal with the drinks company Martini & Rossi. The Turin-based drinks company has a long history of involvement in motor racing but in recent years has been out of the sport.