Leclerc’s new Ferrari F1 deal contains exit clauses – report

Charles Leclerc will earn €50 million in the final year of his new Ferrari Formula 1 contract but there are clauses to permit an early exit, according to an Italian media report.

Ferrari brought an end to the protracted speculation regarding Leclerc’s future on Thursday by announcing that he had penned a multi-year extension with the Italian squad.

But the press release omitted the length of the deal, with Leclerc saying that he was “very pleased to know I will be wearing the Ferrari race suit for several more seasons”.

Gazzetta dello Sport, however, has revealed that the Monegasque’s agreement will cover the next five years, and will see Leclerc’s earnings double if he remains until 2029.

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That will become dependent on Ferrari’s competitiveness, with the publication outlining that Leclerc could opt to depart at the end of 2026 if certain targets aren’t met.

“Leclerc’s stay in Maranello would be until 2029, regulated by exit clauses linked to performance after the third year of the contract, with wages destined to grow over the years,” the newspaper report stated.

“Thus Charles, assisted by manager Nicolas Todt, could go from his current earnings of €25 million to around double if he stays until the deadline when he would be 31 years old.”

Clauses related to performance have become commonplace in F1, with Max Verstappen’s previous contract granting him the chance to leave Red Bull if the team had languished below third in the championship.

Leclerc has been associated with Ferrari since 2016, progressing to a race seat with the team in his second F1 season in 2019, recording five victories across the five years.

Ferrari is aiming to rebound from a challenging campaign last term that saw the team unable to provide a match for Red Bull, who triumphed in 21 of the year’s 22 races.

The Maranello-based squad is pursuing a revamped car concept for 2024 and Leclerc is optimistic it will make progress towards his ambition of clinching an F1 title in red.

“I believe the best is yet to come and I can’t wait for this season to start, to make further progress and be competitive at every race,” Leclerc expressed.

“My dream remains that of winning the World Championship with Ferrari.”

Meanwhile, Ferrari boss Frederic Vasseur, who worked with Leclerc at Sauber in his rookie F1 season in 2018, says the team is determined to deliver him a “winning car”.

“We know him for his incessant desire to push himself to the limit and we appreciate his extraordinary abilities when it comes to fighting and overtaking in a race,” he added.

“We are determined to give Charles a winning car and I know that his determination and commitment are elements that can make the difference in helping us reach our goals.”

Leclerc’s Ferrari team-mate, Carlos Sainz, retains a contract that expires at the end of this year and speculation in Italy has suggested that renewal talks have stalled.