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Formula One Champ Schumacher Donates $10 Million to Tsunami Aid Effort

Seven-time world Formula One race car driving champion Michael Schumacher of Germany has decided to donate $10 million to aid efforts for earthquake and tsunami victims in Asia.

His manager Willi Weber called in the pledge on Tuesday to a televised fundraiser gala in Germany titled, "We want to help - a heart for children." Schumacher said "the dawning of the New Year has not been as joyful this year because of the catastrophe in Asia."

A decision on how the Ferrari driver's donation will be used is to be made together with the Foreign Ministry in the next few days.

Schumacher is the highest salaried athlete in the world, with his annual pay from Ferrari approaching $40 million. He also makes about $40 million in endorsements and appearance fees.

Some information for this report provided by AP and AFP.