Schumacher nears new contract

   Copyright c 1998 Nando Media
   Copyright c 1998 Associated Press

SILVERSTONE, England (Jul 10, 1998 - 21:09 EDT) -- Michael Schumacher is
close to signing a new three-year contract with Ferrari, reported to be
worth a whopping $41 million a year.

Schumacher, one of the world's highest-paid athletes, joined Ferrari in
1996 and is trying to bring the storied Italian racing team its first
series champion since 1979.

"There's good reason that (new contract) could happen," the
29-year-old German said on the eve of Sunday's British Grand Prix.

Ferrari is being pressed by McLaren-Mercedes, which is reportedly trying to
lure away the German.

McLaren-Mercedes' Mika Hakkinen leads the series standings through eight
races with 50 points to 44 for Schumacher and 30 for McLaren's David
Coulthard.

"He doesn't want to win the world championship for McLaren; he wants
to do it at Ferrari," Schumacher's teammate, Eddie Irvine, said.
"He hasn't spent three years here just for the money."

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