The very public Formula 1 spy row that engulfed the sport in 2007 has finally come to a close, with McLaren announcing that they will pay the legal costs of the Scuderia Ferrari after the matter was settled in front of the FIA World Motor Sport Council last September.

The press release issued by McLaren this morning stated:

"In light of the formal closure in December 2007 of the FIA and FIA World Motor Sport Council proceedings against McLaren, and of McLaren's public apology to Ferrari which we have reiterated, Ferrari and McLaren have agreed to bring the various disputes between them in relation to this matter to a final conclusion.

McLaren has also agreed to the reimbursement of Ferrari's costs and expenses relating to these matters and a concluding payment."

Moments later, the Maranello-based Scuderia Ferrari issued another statement, saying:

"Ferrari acknowledges McLaren's reiterated apology for the well known events which occurred during the 2007 F1 Championship and, in the best interests of Formula 1 and taking into account the formal closure in December 2007 of the FIA and FIA World Motor Sport Council proceedings against McLaren, it confirms that it has accepted to put an end to all outstanding controversies between the two teams. Ferrari will donate to charity the concluding payment received from McLaren.

Ferrari will pursue its claims against Nigel Stepney in connection with the matter."