Ferrari and the open-wheeler series A1GP announced on Thursday that they have teamed up. The long term deal, extending from next year through to 2014, involves the supply of Maranello built engines and car design consultancy, according to Ferrari.

The introduction of A2GP was also announced today, a regional single-seat racing car series developed by A1GP to begin testing in 2009. Ferrari will be integral to the growth of the new series and will again supply all engines and consult on the design and manufacture of the new chassis. A separate statement issued by the series said the agreement includes a licensing agreement so that the phrase 'Powered by Ferrari' can be used.

"Ferrari will add significant value to our brand and in our opinion there is no better partner to progress the series," said A1GP chairman Tony Teixeira. (GMM)