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From GMM

Multiple authoritative media sources claim Fernando Alonso wants almost $50 million a year to sign a new contract with Ferrari.

Amid his obvious frustration at lacking a third title after five years in red, and rumours he might be looking to leave the fabled team, Italian magazine Autosprint reports in its latest edition that the Spaniard is playing hardball in his negotiations for a new deal beyond 2016.

Ferrari wants a new three-year contract with Alonso, extending his current tenure to 2019, when the double world champion will be 38, the sports daily La Gazzetta dello Sport also reported.

And Autosprint said it is "not just rumours" that the driver, arguably the best overall in formula one at present, wants a whopping EUR 35 million per season.

That equates to almost $50 million per year, or $140 million over the life of the new deal.

It is reportedly almost a doubling of Alonso's current Ferrari retainer, and perhaps beyond even the dizzying heights of Michael Schumacher's earning power with the same Maranello based team.

Germany's Bild newspaper is reporting the same news, claiming Alonso's new fee would be "one of the largest contracts in sports history".

Fernando Alonso, Ferrari F14 T. (Photo: WRi2)

From GMM

Bernie Ecclestone on Wednesday hailed the "capitalist system" that saw him escape a bribery trial by paying the German court a record $100 million settlement.

On Tuesday, the judge in Munich rubber-stamped the deal struck between the F1 supremo's lawyers and the prosecutors in the case surrounding a $44 million bribe made years ago to jailed Gerhard Gribkowsky.

Clearly, the fact a figure like billionaire Briton Ecclestone was able to cling to power in F1 and avoid jail simply by dipping into his vast fortune has been highly controversial.

The 83-year-old is unapologetic.

"It's certainly a bit unfortunate to pay so much money," he told Wednesday's edition of the German tabloid Bild, "but it would be worse to not have the money.

"I like this capitalist system," he added.

Not at all surprised, however, is the former manager of Michael Schumacher, Willi Weber.

"I said a few months ago that it would be settled with money," he told Sport Bild on Wednesday.

"That's how it is in formula one, and the same as when he gave Gribkowsky that money -- without thinking too much about it," added Webber.

Federal prosecutors are asking questions about the practices of GM's financing unit, subpoenaing the company in the midst of a resurgence in U.S. auto sales fueled partly by a subprime lending boom.

The new Chevrolet Colorado and GMC Canyon mid-sized pickups will be priced about $8,000 to $10,000 less than comparably equipped models of their larger showroom siblings, the Silverado and Sierra.

Warner Peacock, CEO of New River Auto Mall in South Carolina, is teaming up with Florida mega dealer David Maus to form a new company called First Team Automotive Group LLC.

Toyota is retiring the 'andon cord,' the emergency cable strung above assembly lines that came to symbolize the built-in quality of the Toyota Way and was widely copied through the auto industry and beyond.

Rolls-Royce will expand its lineup with a new convertible that will go on sale mid-2016. Media reports said the car will be a convertible version of the Wraith coupe, which is based on the Ghost sedan.

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