Ferrari has secured Fred Vasseur's services as team principal for several more years, putting an end to uncertainty about his position at the Italian racing team.
The 57-year-old French executive faced mounting pressure following a disappointing campaign that saw new signing Lewis Hamilton struggle to find form and Charles Leclerc fall behind McLaren's driver pairing.
The Maranello-based outfit confirmed the contract renewal through an official announcement, demonstrating their backing for Vasseur despite the team's current difficulties.
His existing agreement had been set to conclude after this season, with speculation intensifying about potential replacements as Ferrari languishes far behind McLaren in the championship standings.
Fred Vasseur will stay as Ferrari team principal on a multi-year deal
|PA
Ferrari's official statement emphasised that "renewing Fred's contract reflects our determination to build on the foundations laid so far," highlighting his "ability to lead under pressure, embrace innovation, and pursue performance" as qualities that match the company's principles and aspirations.
Vasseur expressed appreciation for the organisation's continued faith in him, stating: "I'm grateful for the trust Ferrari continues to place in me. This renewal is not just a confirmation it's a challenge to keep progressing, to stay focused, and to deliver."
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Ferrari chief executive Benedetto Vigna commented: "Today we want to recognize what has been built and commit to what still needs to be achieved," adding that the extension demonstrates confidence in Vasseur's leadership based on "shared ambition, mutual expectations and clear responsibility."
Questions about Vasseur's tenure had intensified following reports in Italian publications during June's Canadian Grand Prix suggesting his role was in jeopardy.
The team principal responded angrily to those claims at the time, describing them as "disrespectful." Both Hamilton and Leclerc had publicly supported their boss throughout the speculation.
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Fred Vasseur was team principal in junior formulas for both Lewis Hamilton and Charles Leclerc
|PA
Ferrari's decision to extend Vasseur's tenure represents a vote of confidence in his leadership approach, despite the team accumulating fewer than half the points of championship leaders McLaren this season.
The Scuderia currently occupies second position in the constructors' standings, though their points tally remains significantly below that of pace-setters McLaren.
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Lando Norris and Oscar Piastri have established commanding positions atop the drivers' championship, leaving Ferrari's duo well adrift.
Charles Leclerc finds himself fifth in the individual standings, whilst seven-time world champion Hamilton languishes one place behind in sixth. The British driver's challenging adaptation to his new team has contributed to Ferrari's inability to mount a serious title challenge.
McLaren's dominance has left the Italian team facing an uphill battle to close the substantial gap in both championships during the remainder of the campaign.