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Ferrari chairman set for £21.5 million payout

Ferrari chairman Luca Cordero di Montezemolo will leave in October. Credit: PA Wire

Ferrari chairman Luca Cordero di Montezemolo will receive a staggering payoff of nearly £27 million euros (£21.5 million) after he leaves the sports car manufacturer.

Montezemolo clashed with Marchionne over strategy and the F1 team's poor results Credit: PA Wire

Montezemolo will be replaced by Fiat boss Sergio Marchionne after the pair clashed over strategy and the Ferrari F1 team's poor results.

Lewis Hamilton 'OK' after heavy crash in qualifying

Lewis Hamilton said he was "OK" following a heavy crash in qualifying ahead of the German Grand Prix in Hockenheim.

The driver could be heard on his car's radio saying: ""Yeah, I'm OK. I hit the brakes and something ... the brakes failed."

His team Mercedes also tweeted that he was "OK but sore" after the accident.

Ricciardo disqualified from Australian Grand Prix

Daniel Ricciardo was disqualified in his home Grand Prix for taking on too much fuel. Credit: Jon Buckle/PA Archive

Red Bull's Daniel Ricciardo has been disqualified from his home Grand Prix following a second-place finish in Melbourne.

The FIA said the decision was taken because the Australian's car "exceeded the required fuel mass flow of 100kg/h" - a parameter outside his control.

The decision means debutant Kevin Magnussen moves into second, with Britain's Jenson Button now placing third.

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Rosberg celebrates victory in Melbourne

Nico Rosberg has celebrated finishing top of the podium in the first Grand Prix of the season.

The German took the chequered flag with 24.5 secs on second place, Red Bull's Daniel Ricciardo. McLaren's Kevin Magnussen finished third in his first-ever Formula One race.

Reigning champion Sebastian Vettel and British hope Lewis Hamilton - who held pole position - were forced into early exits.

Lewis Hamilton retires in Australian Grand Prix

Lewis Hamilton has retired early in Australian Grand Prix after what appeared to be an engine problem. Lewis Hamilton's start to the new Formula One season lasted just three laps before the championship favourite was forced to retire because of a 'misfiring cylinder'.

Lewis Hamilton in his Mercedes during Qualifying. Credit: Jon Buckle/PA Wire/Press Association Images

From the 32nd pole position of his career ahead of the season-opening Australian Grand Prix, Hamilton was passed on the run down to the first corner at Melbourne's Albert Park by Mercedes team-mate Nico Rosberg and Daniel Ricciardo on his debut for Red Bull.

On the opening lap McLaren's Kevin Magnussen dropped Hamilton to fourth, and it was clear the 29-year-old was struggling with his car. On lap two Hamilton was then informed by race engineer Pete Bonnington to stop the car and save the engine

Formula 1 season begins with Lewis Hamilton in pole

Mercedes Formula One driver Lewis Hamilton of Britain drives into the pit lane during the qualifying session. Credit: Reuters/David Gray

The Formula 1 season is off and running in the Australian Grand Prix with Lewis Hamilton starting in pole position.

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