Jeremy Clarkson and Top Gear colleagues were 'on the brink' of a new contract

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James May reveals he celebrated prematurely by ordering £200,000 Ferrari
Lucrative contract was in a draft form with only a few details to resolve
But offer was taken away after Clarkson's infamous 'fracas' with producer
May said trio planned to continue making show before leaving 'with dignity'

Published: 07:13 EST, 27 April 2015 | Updated: 08:55 EST, 27 April 2015

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Jeremy Clarkson and his fellow Top Gear presenters were just about to renew their lucrative contacts for three more years but they were scrapped when the star punched the show's producer.

James May, 52, revealed he had prematurely celebrated the three-year deal by ordering a rare £200,000 Ferrari before Clarkson's sacking after an infamous 'fracas' with producer Oisin Tymon.

May says he had ordered the last ever Ferrari 458 Speciale - in bright orange - while the 'draft version' of the lucrative contract was sitting on his desk 'with only a few details to resolve'.

But after Clarkson punched Tymon in a rage over a hot meal, the offer was taken off the table.

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Jeremy Clarkson (right) and his Top Gear colleagues had been on the brink of a lucrative new contract when Clarkson's infamous 'fracas' led to the offer being taken away

May revealed that he had prematurely celebrated the three-year deal while the contract was still being finalised by ordering a £200,000 Ferrari 458 Speciale in bright orange (pictured)

The presenter said the trio had planned to continue making the show until the end of the new contract before leaving 'with dignity'.

But Clarkson, 55, was sensationally sacked by the BBC last month and Richard Hammond, 45, joined May in confirming he will not return to Top Gear this week.

Writing in a column for the Sunday Times, May said: 'There we were, all three of us, on the brink of a new three-year contract to make Top Gear, after which we would definitely chuck it in with dignity and hand the reins to a new generation, assuming we were still alive

'There were a few details to resolve about time frames and other mundane stuff, but the groaning draft version of this document was actually sitting on my desk.

'This was a great privilege and a once-in-a-lifetime event; an invitation to continue presenting the world's biggest TV show for – let's not be shy – a handsome salary.'

Jeremy Clarkson arrives at charity auction in Chipping Norton

The three men had planned to stay on for another three years before quitting 'with dignity' until Clarkson was sensationally sacked after punching show producer Oisin Tymon (pictured)

On the future, he remained vague, suggested the three may be reunited on screen or go in separate directions.

Now, May admits ordering a brand new Ferrari is a 'strange' thing for an unemployed person to do, but insists he has no regrets, describing the purchase as a once-in-lifetime opportunity.

He acknowledged the supercar was an extravagant purchase at £208,090 but that 'it was better than money in the bank'.

Meanwhile, Clarkson was seen talking himself out of a parking ticket for his bright green Lamborghini yesterday after leaving it parked on yellow lines in London.

Elsewhere, Hammond told reporters at a charity bike rally that the future will be 'exciting' for the three men, but refused to speculate further on the future of Top Gear.

He said: 'Everybody knows what's happened. That's all been in the news. The future, nobody knows yet do they?

'And I cannot and won't speculate further than that. So don't know, let's see. It'll be exciting whatever.'

There is mounting speculation the men are working on a new motoring series to be aired by Netflix, Amazon or another British broadcaster.

Producer Olsin Tymon had his lip split by Clarkson in the March 4 assault and took himself to hospital with his injuries.

Police investigated the attack but Tymon told them he did not want to press charges and officers announced earlier this month they would 'not be pursuing the matter any further.'