Ferrari's sporting director Jean Todt yesterday put his career on the line by predicting that only victory in the 1998 world championship would be acceptable for the Italian team. Todt, whose disciplined organisational skills have been the driving force behind Ferrari's steady Formula One revival since 1993, was speaking at the company's Maranello headquarters where the new F300, to be driven by Michael Schumacher and Eddie Irvine, was unveiled.

"This year we have no excuses," said the Frenchman, who previously masterminded Peugeot's Le Mans winning sports car programme. "Our declared goal is to win the title. This is a very important day for the Ferrari racing department because it represents our hopes for 1998 with a new car and a new wind tunnel. The Ferrari F300 incorporates all the expertise we have built up over the last few years."

The new Ferrari has been developed entirely in Italy by British engineers Ross Brawn and Rory Byrne, both of who previously worked with Schumacher at Benetton between 1991 and '95.

In addition to conforming with the new F1 technical regulations for 1998, which call for a much narrower chassis and the use of grooved tyres, the new Ferrari features major changes designed to correct the performance problems which bedevilled last year's challenger.

The all-new type 047 V10-cylinder engine has the angle between the cylinder banks widened from 75 to 80 degrees which has the effect of lowering the car's centre of gravity and thus improve its handling. Brawn also explained that the car has new brakes, better protection for the drivers and a more powerful electronic engine management control unit.

He predicted that the new technical regulations would cause the new generation of F1 cars to be about three seconds a lap slower on most of the circuits.

Meanwhile Luca di Monte zemolo, the Ferrari chairman, called for more objectivity in the media's treatment of the team this season. Di Montezemolo steered clear of mentioning the controversial collision which ended Schumacher and Ferrari's chances in the final race of 1997.

"Last year we were beaten by the best car in the world - a car which deserved to win the championship," he added, referring to the Williams team's efforts. "Congratulations to those who defeated us, but this season, from the first race, Ferrari will be there."

Montezemolo also dismissed as "ridiculous" reports that a German prosecutor was considering possible legal action against Schumacher following a complaint from a member of the public over the Jerez collision on the last day of the 1997 season. It later emerged that German prosecutors have decided not to investigate Schumacher for ramming Villeneuve's car. On Monday, officials said they were investigating to see whether charges should be brought against the German, but yesterday they announced there was no case to answer.

Schumacher will give the new car a preliminary trial at the team's Fiorano test track on Friday after which it will be taken to Jerez for three days testing next week, followed by runs at Barcelona and Mugello prior to the Australian grand prix which opens the season at Melbourne on March 10th.

Ireland's Eddie Irvine, who will join up with Schumacher for testing at Jerez, was more than happy with his latest drive. `This year we have pulled out all the stops. We've done everything we can do," he said.

"It's good to know you are starting on a level footing with all the other teams. It's not so nice when the car beside you on the grid, or in front of you, is one second a lap faster than your car.

"I am really looking forward to going in and having a chance, for the first time really since I was in Formula 3000."

Meanwhile, in London, the Williams team unveiled one of the worst-kept secrets in the sport when they showed off the new red and white colour scheme for their cars this year. The predominantly bright red design, which makes the car look similar to a Ferrari, is in stark contrast to the mainly blue and white colours the team have run with for more than a decade.

The new livery is to reflect the change of title sponsor from one cigarette brand to another. "This event was purely for the sponsors to use in their markets around the world," a Williams spokesperson said. "The car will run at Jerez next week before the launch of the new car at the end of the month."