Formula One—Ferrari Deal Agreed Months Ago, Says Alonso

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MILAN—Fernando Alonso agreed to join Ferrari some months ago, the ecstatic Spaniard said on Wednesday after his three-year deal was announced.

Renault's double Formula One world champion will replace Finn Kimi Raikkonen at the Italian team next season and race alongside Felipe Massa.

"During the summer we signed a deal starting from 2011 but in recent days the situation changed and we decided to bring my arrival at Maranello forward by a year," Alonso told his website (http://www.fernandoalonso.com).

"I feel really happy to be able to be a Ferrari driver. To drive a Prancing Horse car represents a dream for every driver in his career and I am lucky enough to realise it.

"I want to thank Ferrari president Luca di Montezemolo, who committed himself to reaching this agreement."

No financial details of the deal were given but Ferrari posted an article on their website (www.ferrari.com) ridiculing some reports and hinting that the 28-year-old would be receiving less than expected due to the global recession.

"Reading certain newspapers one might think that there is a gold rush in Maranello. The numbers talked about have absolutely nothing to do with reality. It's easy to write numbers, forgetting that the world has changed recently," it said.

"At Ferrari a lot of calculating is done and attention is not only paid to the costs of the operational structure, but also as far as the drivers are concerned."

Alonso will race the last three grands prix of the season, starting in Japan on Sunday, with Renault and promised to give his best as a goodbye present.

"All these years at Renault have been great. I hope to get the maximum points possible in the time that remains," said the Spaniard, who won the 2005 and 2006 titles with the French team.

Formula One to Stay at Hockenheim Until 2018

BERLIN—Hockenheim will continue as one of Germany's two Formula One circuits until at least 2018 after an agreement for the event's future was announced on Wednesday.

The managers of the circuit said on their website (www.hockenheim.de) that they had signed a deal with Formula One Administration (FOA) in which the two parties agreed to share the financial risks.

"The FOA and the Hockenheim-Ring GmbH will share participation in the entrepreneurial opportunities and risks of the event," said the statement.