$54 Million Bonus, Exit Clauses and More- Charles Leclerc’s Mysterious Ferrari Contract Has a Lot Under Its Shiny Surface

Charles Leclerc and Ferrari will be heading into the 2024 season with a renewed sense of hope and faith in each other, given the latest announcement of the two parties signing a contract extension. With all speculations put to bed, Gazzetta.it explored the potentialities of the contract, suggesting it might be a five-year commitment between the two parties and an overall value crossing the $54 million threshold (terms and conditions apply).

Initially, the deal stands at around the $27 million mark for five years, tying the Monegasque driver with the Italian outfit till 2029. However, reports claim there is also a performance-based exit clause within the new contract, allowing for greater flexibility for Leclerc regarding his future in F1. Should the 26-year-old opt to fulfill the 5-year deal, he shall receive a $27 million bonus, doubling his income.

 

The 2024 season will mark the first of two seasons before major regulation changes come into effect in F1, meaning Leclerc will serve a minimum of one year with Ferrari under the new changes. Should the pairing not work out, Lawrence Barretto (as quoted by GP Fans) feels the flexibility of an exit clause would benefit both parties. “A less rigid deal this time around makes sense for both sides.”

Amid all the hubbub, Leclerc remains confident in the Ferrari project and continues to believe he can still win a championship with the Italian outfit. The 26-year-old has claimed on several occasions that plans on staying with Ferrari until there is even a speck of hope that they can win, and it looks like he is a man of his word.

What does the new Charles Leclerc contract mean for Carlos Sainz?

A team’s decision to empower their driver by building their structures around them is perhaps the biggest sign of validation for a driver. The same happened with Lewis Hamilton in Mercedes, Max Verstappen in Red Bull, and it looks to be the same with Leclerc and Ferrari. As such, Carlos Sainz is fast becoming the no. 2 driver in Ferrari, putting his future with the team in further doubt.

While Leclerc has proven to be capable of elevating his team’s performance in difficult scenarios, Sainz seems to be lacking the necessary the leadership qualities. He does a good job of squeezing out a desirable result with what he’s given, but the Spaniard seems unable to be able to lead a team when it lacks focus. With a long-term Leclerc contract signed, it seems unlikely Sainz would get a similar deal.

Much of it comes from the team’s need to instill a winning mindset within their camp while hoping for their two primary figures on track to be able to take charge when things start going south. The leadership charge taken up by drivers in F1 is often the final key to unlocking success in the sport and helps set off a team on a desirable trajectory, and by the ongoing situation in Ferrari, it looks like Sainz may not be one for the job.