Schumacher takes charge of $60 million F1 fund

LONDON, England (CNN) -- Seven-time Formula One world champion Michael Schumacher has been chosen to head the body tasked with spending $60 million of the fine imposed on McLaren-Mercedes last season.

Schumacher has been elected chairman of the Motor Sport Safety Development fund -- a new body created to distribute grants from the FIA's $60 million share of the $100 million fine imposed on McLaren for holding Ferrari technical data.

Schumacher will head the fund's management committee, which includes embattled FIA president Max Mosley, former Ferrari team boss Jean Todt and Mercedes-Benz Motorsport vice president Norbert Haug.

Schumacher said the FIA had already done a great deal to improve motor sport safety.

"I'm proud to be able to help with the further development of safety in motor sport across the world... the grants available from this new fund will make a huge contribution to improving motor sport safety, especially in emerging motor sport markets."

Mosley said he was delighted the money would be used to ensure the sport was safe.

"From the outset we had intended that any fine imposed on McLaren-Mercedes would be used for the benefit of the grass roots of motor sport."

Todt, still a member of Ferrari's board, said he was pleased the "unfortunate events" of last year had resulted in a worthy project.

Meanwhile, Haug said the money would ensure the sport had strong foundations.

The committee already has three outlets for grants: a young driver safety scholarship programme, another for officials and a third for improving facilities and developing those in emerging markets.