Philip Morris International, which owns the Marlboro brand, has quietly renewed its backing of the Ferrari Formula 1 team. According to the Bloomberg news agency, the cigarette maker has extended its long-standing agreement with the Maranello team for a further three years. Philip Morris remains the only cigarette brand with Formula 1 links, despite tobacco sponsorship being banned in 2011. The company, which has backed the team since the 1970s, continues to appear on Ferrari's website. The current deal, extended in 2011, was due to expire at the end of 2015. According to a report by Sports Pro magazine, Philip Morris's deal is worth $160 million for Ferrari. Current Ferrari team boss...
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