Formula One team Ferrari on Tuesday announced it has extended its agreement with title sponsor Philip Morris until the end of 2015.

Ferrari extends deal wiith Philip Morris Photo by: xpb.cc

The rumours about the extension were first heard in January at Marlboro's 'Wrooom' media event in the Italian Dolomites.

Philip Morris has remained in F1 long after the sport's total ban on cigarette advertising.

Ferrari's so-called 'barcode' logo and livery was controversial in 2010, leading to the launch of a new red and white logo for this year, which was incorporated into the design of the 2011 car's livery.

"We see no obstacles to an extension," a Philip Morris International spokesman said in January.