Michael Schumacher announces his retirement from Formula One

Seven-time world champion 43 year old Michael Schumacher say he will retire from Formula One at the end of the season.

This is the second time that he will do so.

He  first retired in 2006 and came out of retirement in  2010.

Since his return he has only managed  one podium finish in three seasons

Schumacher's seat at Mercedes will be taken by McLaren's Lewis Hamilton in 2013.

He  is quoted as saying  "The team had found an option with Lewis that helped me find my decision. There was option for me to do so at an earlier stage. In life your destiny develops by itself with no hard feelings or regrets. Lewis is one of the best drivers around and I cross my fingers that they have a successful future."