Sunday 29 June at 16:34 : Ferrari's formula one team is not funded by its Italian automobile manufacturer parent Fiat.

That is the insistence this weekend of the two Maranello based marques' president and chairman respectively, Luca di Montezemolo.

The 60-year-old Italian told the British newspaper The Daily Telegraph that the famous team, currently leading the 2008 drivers' and constructors' world championships, is funded by money from Ferrari sports car sales and sponsors.

"We do not get a penny from Fiat. I don't think people always realise this," Montezemolo said.

Ferrari's main current competitors in formula one are automobile manufacturing giants including BMW, Mercedes-Benz, Renault, Toyota and Honda.

"For a small company like us, the achievement (of beating them) is particularly impressive," he added.

Montezemolo also ruled out speculation that Ferrari could soon be floated on the stock market.

"Never," he said. "Well, a possibility in 10, 15 years -- who knows? Not now."