Charles Leclerc has long been a poster boy for Ferrari, the scarlet red team shaping his childhood. Leclerc signed with the team in 2019 after graduating from their driver academy two years prior, winning the GP3 and Formula 2 championships, both in his rookie year.

After driving for five years with the team, Leclerc’s contract is set to conclude at the end of the sixth. The Monegasque driver’s contract is highly likely to be extended by Ferrari, and it will reportedly be lengthened until the end of 2029. 

According to reports from La Gazzetta dello Sport, Leclerc will be signing a contract that earns him $25 million a year, going up to $50 million at the end of his contract. The contract will allegedly involve a performance-related exit clause once the three-year mark arrives, giving Leclerc the possibility of being released by Ferrari.

Leclerc’s teammate Carlos Sainz was not so lucky, though Ferrari is keen to keep him on as well. The Spaniard will reportedly also receive a multi-year contract, though it is unclear how much he will be paid.

Fred Vasseur claims Ferrari needs to curb championship hopes

Ferrari came into the 2023 season with hopes flying high, with disappointing but strong grounds from the 2022 season, with the runners-up spot secured in both the Constructors’ and the Drivers’ Championship. However, the title hopes were absolutely destroyed by Red Bull’s unprecedented dominance in the 2023 season.

Ferrari did manage to stop Red Bull from winning every single race, with Carlos Sainz claiming the top spot in Singapore, but were still far off the front. Team Principal Fred Vasseur claimed the hopes were too high at the beginning of the season, though the team did make huge steps forward after Zandvoort.

I think the level of expectation was a bit too high at the beginning of the season. I think that we, compared to Zandvoort, collectively made a huge step forward and this is good for the future.

Fred Vasseur said, as reported by motorsport.com

Fred Vasseur has claimed that Ferrari needs to be more opportunistic and efficient for future campaigns for any chance of asserting their name and proving their worth as the most successful team of all time. The French team principal has brought huge changes to Ferrari since Mattia Binotto’s departure after 2022.

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