Ferrari, the new agreement with Marlboro is worth at least 500 million

The new sponsorship agreement signed by Ferrari with Marlboro will bring at least half a billion dollars into the Maranello team's coffers. The Cavallino, entered in the world championship under the name Scuderia Ferrari Marlboro, said in a short statement this week that Philip Morris International had extended its contract until the end of 2015.

The previous agreement was set to expire at the end of next year.

With anti-tobacco laws in force in F1 in Eurioa and in much of the rest of the world, the red-white Marlboro logo cannot be displayed on Ferrari cars.

But according to Sportspro, Philip Morris will still pay Ferrari $160 million each year for its F1 sponsorship.

The deal follows the introduction of a new Ferrari F1 team logo this year that vaguely resembles the original Marlboro logo.