Ferrari: Sports car manufacturer to enter sailing competitions

Italian ocean racing yachtsman Soldini joins Ferrari as team principal of the new venture

Formula 1 car maker Ferrari is teaming up with Italian ocean racing yachtsman Giovanni Soldini to build boats and enter world sailing competitions.

Ferrari has competed in F1 since 1950 and returned to endurance racing last year, claiming a shock victory at the Le Mans 24 Hours race.

Chairman John Elkann said the project will expand its "racing soul".

Soldini has over 30 years' experience in solo and crewed ocean races, including two round-the-world races.

He will join Ferrari's project as team principal.

Earlier this week, the 57-year-old and Italian car maker Maserati announced the end of their 11-year-long partnership in ocean navigation.

"I am thrilled to start this new adventure with Ferrari. We are working on an important and cutting-edge project with an amazing technological potential," Soldini said.

Ferrari said it would rely on "cutting-edge technologies throughout the entire cycle, from conception and engineering to realisation" of the boat.

The company added: "In addition to competing on tracks all over the world, Ferrari is now embarking on this new venture to enhance its technological know-how."

The Italian team won its last Formula 1 drivers' championship in 2007 and constructors' title in 2008.

"With this new competitive challenge, motivated by our innovative capacity and commitment to sustainability, we will push beyond current boundaries," said Elkann.