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Formula One record champion Michael Schumacher retires

The German driver confirmed his retirement one week after F1 announced his replacement. He leaves behind an unprecedented legacy in the sport of racing.

Seven-time world champion Michael Schumacher on Thursday confirmed he will retire at the end of this year's Formula One season for the second time - this time for good.

"I have decided to retire at the end of the season," the 43 year-old driver told a press conference. "I still feel I am capable of competing against the best but the time sometimes comes to say goodbye and this time it might be forever."

Schumacher first retired in 2006 and later made a comeback, returning in 2010 on a three-year contract with Mercedes.

He added, "I had been thinking about whether I had the necessary motivation to carry on but I do not want to do something I am not 100 percent committed to. Having made the decision I now feel a release."

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Schumacher replaced on Mercedes F1 team

His announcement follows last week's action from Mercedes stating he would be replaced by McLaren's Lewis Hamilton in 2013.

Schumacher began his career in 1991, since then he has attained several Formula One records to include seven World Championship titles, two with Benetton and five with Ferrari. He also holds 91 Grand Prix titles in 302 starts. His last win was in the Chinese Grand Prix in 2006.

cg/tj (AFP, AP)

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