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Ferrari's Marlboro Red Rush – Click above for high-res image gallery

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Retired Ferrari F1 cars take to the Nurburgring – Click above for high-res image gallery

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Following more than a week of controversy regarding its livery, Ferrari has capitulated for this weekend's Spanish Grand Prix. For more than a decade, the Ferrari Formula One team has been sponsored by Marlboro cigarettes. Ever since tobacco sponsorship was banned from F1, however, traditional Marlboro branding has been absent from the Italian cars.

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The McLaren Formula One team has joined Ferrari, Renault and Williams in backing the return of kinetic energy recovery systems (KERS) to the series in 2011. A handful of teams experimented with these hybrid drive systems in 2009 but everyone abandoned the systems for 2010. McLaren was actually the only team to win a race with a KERS-equipped car in 2009.

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Valentino Rossi, widely acknowledged as the greatest motorcycle racer of all time, may have a second career on something with more than two wheels. As diehard MotoGP and Formula One fans are already aware, the Italian superstar has proven to be just as fast around a race circuit when piloting a Ferrari F1 car as he is on his Yamaha motorcycle, and the Scuderia has made numerous overtures to The Doctor in an effort to get him to cross disciplines.

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Fernando Alonso winning the 2010 Bahrain Grand Prix – Click above for high-res image gallery

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MotoGP racing star Valentino Rossi has ventured from two wheels to four a few times in the past, and he's always come away smiling when given the chance to strut his stuff on a Formula One track. This latest testing session, though, has left many highly impressed and others understandably worried.

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Ferrari's 2010 Formula One car won't be officially revealed by the team until January 28, but a quick preview of the new car's livery was provided by Fernando Alonso during a test at Circuit Paul Ricard. Spanish bank Santander, which followed Alonso from McLaren to Renault to Ferrari, is making the most of its time with the most famous marque in motorsports.

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Melbourne, Australia newspaper The Age has a story on the break-even point for automakers in Formula One. The numbers are based on research done by Formula Money, a company devoted to detailing the financial goings-on in F1 – however, they don't make much sense at first glance. According to The Age, F1's manufacturer-backed teams "Ferrari, Mercedes-Benz, BMW, Renault and Toyota spent €608 million ($970 million) on Formula One racing" last year. To recoup that total investment they nee

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There are hearts breaking all over Italy, and the biggest one of all is that which beats in the chest of Ferrari head Luca de Montezemolo. Michael Schumacher is still under contract to The Prancing Horse as a global ambassador and consultant for their road cars. However, given the opportunity to return to a Formula One cockpit and prove a thing or ten, he appears keen on racing no matter the color of the car.

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digg_url = 'http://digg.com/motorsport/Official_Fernando_Alonso_Signs_With_Ferrari_F1_For_3_Years'; In a deal that seems to have been years in the making, Ferrari has finally made an official announcement: Fernando Alonso will be driving for the Prancing Horse in 2010. Rumors of Alonso going to the team from Maranello started back during the Spaniard's first stint with Renault, but circumstances with driver lineups didn't allow for it. Instead, Alonso went to McLaren for one very unhappy seaso

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According to British newspaper the Mirror, Kimi Raikkonen could be driving for McLaren next year. The Iceman drove for Ron Dennis' outfit from 2002 to 2006 and scored plenty of victories but couldn't get the World Championship. Then he left for Ferrari in 2007 where he promptly won the World Championship the first year.

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First thing this morning, no one knew who'd be replacing Luca Badoer in the second Ferrari alongside Kimi Raikkonen – in addition to Williams test driver Nico Hulkenberg and former Toro Rosso driver Sebastien Bourdais, the likes of current BMW driver Robert Kubica had been mentioned. Force India driver Giancarlo Fisichella's name has also been persistently mooted, but the scuttlebutt was consistently shot down by team principal Vijay Mallya.

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It's anything but business as usual this year in Formula One, and this past week has been no exception, with one team scrambling to secure its future, another receiving the go-ahead to continue racing, and others re-submitting applications in the hope of joining the grid for next year.

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Ferrari was in with a bang, now it looks like the scarlet racers will be out with soggy whimpers: Michael Schumacher has canceled his F1 return due to lingering pain in his neck from a motorcycle accident earlier this year.

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According to a report from German newspaper Die Tageszeitung, Michael Schumacher – already one of the richest athletes in the world – will earn a cool million Euros (that's $1.44M USD to us Yanks) for each race in which he's substituting for injured Ferrari factory driver Felipe Massa.

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Felipe Massa's personal doctor has given the racer the best prognosis yet, saying "He doesn't seem to have a long-term injury," and that Massa hasn't suffered any eye damage. After the Brazilian's 170 mph (275 kph) impact with a flying spring that came off Rubens Barrichello's car during qualifying for the Hungarian GP, doctors were worried about keeping Massa alive, nevermind racing.

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Rumors are heating up that Ferrari Formula One driver Kimi Räikkönen will walk away from the grand prix circus at the end of the 2009 season. If the 2007 World Champion does quit, it would free up his seat for two-time champion Fernando Alonso. You'll recall that there's been talk of Alonso making the jump to Ferrari since well before his single unhappy season at McLaren. However, the circumstances have never quite worked out for him.

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Click above to view the new Scuderia Ferrari F60 in high resolution

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