No salary cut for Michael Schumacher

Formula One World champion Michael Schumacher (pic below, AP) has denied claims that Ferrari are trying to cut his salary. The German newspaper Die Welt reported that the Italian team had offered him a new contract from 2005 onwards in which his pay package is cut by �5m.

But the German, who is the highest paid F-1 driver about �25m a year, said Ferrari chiefs had not even begun discussions with him yet.

"I don't know anything about a pay cut," insisted the 34-year-old. "I have a contract until the end of next year and I basically have the offer, down to my decision, to stay on if I want to stay on."

Schumacher, who has won five drivers' titles with Ferrari, says he would be reluctant to join another team.

"I don't see any other team I would race for in Formula One," he said. "I know where I want to stay, I know Ferrari would like me to stay."