Ferrari team principal Fred Vasseur and driver Charles Leclerc have come under scrutiny over their business connections outside Formula 1, following an investigation by Brazilian publication AutoRacing. The report examines their involvement in international investment and motorsport-related initiatives, raising questions about potential conflicts of interest within Ferrari. However, the publicly available documents do not establish any wrongdoing, preferential treatment or breach of the team’s internal rules.
The professional relationship between Fred Vasseur and Charles Leclerc began long before either joined Ferrari. The French manager played an important role in the Monegasque driver’s development, first through ART Grand Prix in the junior categories and later at Sauber, where Charles Leclerc made his Formula 1 debut in 2018 under Fred Vasseur’s leadership. Their long-standing relationship, built on mutual trust, has naturally contributed to their understanding of each other at Maranello.
Charles Leclerc and Fred Vasseur’s business ties beyond Ferrari
According to the investigation published by Brazilian publication AutoRacing, an examination of corporate and financial documents identifies connections between Fred Vasseur, Charles Leclerc and initiatives associated with SWI Group, an international business involved in investment and asset management.
On 21 May 2025, SWI Group publicly announced that both Ferrari figures would participate in its dedicated Sports & Entertainment Committee, alongside former footballer Andrés Iniesta. Their involvement was therefore neither undisclosed nor newly revealed by the Brazilian investigation.
The business connections also extend to Icona Racing, a platform that financially supports young racing drivers in exchange for a share of their potential future earnings. The company has links with ART Grand Prix, the racing team founded by Fred Vasseur and previously associated with Nicolas Todt, Charles Leclerc’s long-time manager.
Fred Vasseur and Charles Leclerc are both listed on Icona Racing’s advisory committee alongside financial-sector professionals.
The history of their professional relationship has been well documented, with Fred Vasseur previously discussing his close relationship with Charles Leclerc and how it differs from his connection with Lewis Hamilton.
No evidence of wrongdoing or preferential treatment at Ferrari
Crucially, the existence of these commercial connections does not establish that either Fred Vasseur or Charles Leclerc has acted improperly. None of the documents examined demonstrates irregular conduct or identifies the two as significant shareholders in SWI Group.
Furthermore, the professional relationships were publicly announced, meaning they cannot reasonably be described as secret business arrangements.
The central issue raised by AutoRacing is not whether the connections exist, but whether they could create potential conflicts of interest within Ferrari’s management structure.
Ferrari’s Code of Conduct requires employees and executives to pay particular attention to outside activities and personal or financial interests that could interfere with impartial professional decision-making. It also establishes procedures for reporting situations involving potential conflicts of interest.
As Ferrari team principal, Fred Vasseur is responsible for the team’s sporting management, while Charles Leclerc is one of its two Formula 1 drivers. Their participation in shared business initiatives does not automatically constitute a violation of Ferrari’s internal regulations. Nevertheless, it raises the question of what measures, if any, have been implemented to ensure that private interests remain separate from professional responsibilities.
Why the potential conflict of interest questions matter for Ferrari
AutoRacing reports that it contacted Ferrari for comment but received no response before publishing its investigation.
That leaves two important questions unanswered: has Ferrari formally authorised these outside business activities, and has the team assessed whether any potential conflicts of interest could arise from them?
The publicly available documentation does not currently provide answers to either question.
It would, however, be misleading to treat the existence of openly declared commercial relationships as proof of sporting favouritism or inappropriate conduct. No evidence presented establishes that Fred Vasseur has favoured Charles Leclerc in his decisions as Ferrari team principal.
The two have maintained a close relationship throughout their careers, with Charles Leclerc previously explaining why he values continuity under Fred Vasseur at Ferrari.
Ultimately, clarification from Ferrari would be the simplest way to address the questions surrounding these business arrangements. Without an explanation of whether the activities have been formally reviewed and what safeguards may exist, the issue risks generating unnecessary speculation about a relationship that has already been publicly documented.
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