UPDATE 1-Motor racing-Ferrari break with F1 rival series idea

Newswire

(Adds detail, quotes) By Alan Baldwin LONDON, Jan 19 (Reuters) - World champions Ferrari abandoned plans for a rival Formula One series on Wednesday with a surprise agreement to extend the sport's existing commercial agreement until 2012. "I don't think it's the end of the GPWC (Grand Prix World Championship) but it is the end of them (the carmakers) starting a separate championship, I can tell you that," Minardi boss Paul Stoddart told Reuters. FIAT-owned Ferrari are founder members ...

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