FORMULA ONE:Ferrari were confirmed as Formula One champions for a record 15th time on Friday after McLaren accepted an unprecedented €70 million fine and loss of all their 2007 constructors' points.

"McLaren Racing has notified the (International Automobile Federation) FIA of its intention not to appeal the verdict of the World Motor Sport Council," the Mercedes-powered team said in a statement.

The Paris-based governing body had set a 3pm GMT deadline for McLaren to appeal against a sentence meted out last week at a hearing into a spying controversy that has clouded the sport since July.

Team boss Ron Dennis added: "We believe the time has come to put this huge distraction behind us. McLaren wants to win races and world championships."

The decision left Ferrari on 161 points, with BMW Sauber second with 90 and a total of 54 remaining to be won.