Philip Morris extends Ferrari deal – report

Philip Morris will continue its silent sponsorship of the Ferrari team despite tobacco advertising being banned.

According to Bloomberg News, "the largest publicly traded tobacco company has renewed its backing of the Ferrari Formula One team for three more years even though advertising laws means it hasn't displayed the Marlboro cigarette brand at a race since 2007."

Citing team principal Maurizio Arrivabene as the source, it has been reported that the new sponsorship deal will continue through to 2018.

Added to that, the new deal was agreed at a "board meeting more than a year ago without making a public announcement."

Philip Morris have been one of Ferrari's biggest sponsors since switching alliagance from McLaren to the Scuderia in 1996.

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