After months of negotiations and speculations, Charles Leclerc has finally signed a blockbuster contract extension with Ferrari. The Monegasque, who rose through the ranks with the team’s driver academy, will receive a hefty hike on his current salary. Ferrari and Leclerc announced the news through their respective social media handles. However, neither party revealed any information related to the remuneration or the duration of the extension.
BBC, however, has managed to extract some inside information and has reported a hundred percent hike in Leclerc’s salary. The Monegasque, who earlier drew €25 million ($27 million) a year, will now reportedly earn a staggering €50 million ($54 million).
Leclerc’s current deal was set to expire at the end of 2024. However, the team has managed to seal his place well before the start of the new season. The Maranello-based team reported signing a multi-year deal but did not reveal the exact duration of the extension. BBC reports it to last until 2029, which would equate to a new five-year deal.
Charles Leclerc, despite experiencing highs and lows with Ferrari, has reiterated his commitment and loyalty to the team. After signing the contract, he did that again. As per Ferrari.com, he said, “To race for this team has been my dream since I was three years old.” He then added, “My dream remains that of winning the World Championship with Ferrari.”
For Ferrari, getting Leclerc’s signature is only half the battle won. They are yet to reach an agreement with the Monegasque’s teammate, Carlos Sainz.
What is holding Carlos Sainz from signing Ferrari extension?
Carlos Sainz may not have been a product of the prestigious Ferrari Driver Academy, but he has established his place in the team without a doubt. The Spaniard was the only non-Red Bull driver to register a race win in 2023. That made him a star in Tifosi’s eyes.
However, there are some crucial roadblocks that are preventing the two parties from reaching a middle ground. As per The Race, Sainz is pushing for a deal that is more lucrative than what Ferrari is offering him. The Spaniard also reportedly wants to stay for longer while the Italian outfit is only offering a one-year extension with an option for another.
While there is still time to negotiate before Sainz runs out of his current contract, Ferrari wouldn’t want to delay it for too long. That is because the Singapore GP winner has more options available to him. Reportedly, Audi are interested in getting his signature before entering F1 in 2026.
Carlos Sainz Sr., the Ferrari driver’s father, has deep-rooted relations with the automaker. He raced for the constructor in Dakar Rallies and recently even won the race with them. Regardless of whether Ferrari are able to Sainz jr down, the 29-year-old will race for them in the upcoming season. His current contract ends at the end of this year.
