Scuderia Ferrari Monegasque driver Charles Leclerc may be in line for a substantial salary increase as part of a new agreement with the Maranello team, as recently reported by the Italian daily newspaper La Gazzetta dello Sport, who provided more details about Charles Leclerc’s new contract.
The Monegasque driver’s current five-year deal, which was signed in 2019, is set to expire at the end of the upcoming Formula One championship. According to reports, Charles Leclerc is expected to sign a new five-year contract, extending his association with the Italian side until the conclusion of the 2029 Formula One campaign.
Presently earning around $25 million per year, Charles Leclerc’s salary is reportedly set to gradually rise to nearly $50 million per season in the contract’s final year, putting him on par with Red Bull’s Max Verstappen, whose own lucrative deal concludes at the end of the 2028 Formula One season.
However, 2024 will mark 16 seasons since the Maranello team last secured a World Championship, and Charles Leclerc’s last victory occurred in the 2022 Austrian Grand Prix, as the Monegasque had a strong start to the 2022 F1 season and looked set to challenge Max Verstappen for the title, but was hindered by a series of reliability issues and poor strategy decisions by the Maranello team’s pit wall, before Red Bull eventually outdeveloped Ferrari in the second part of the campaign.
La Gazzetta dello Sport also notes that if the Maranello team fails to achieve a competitive state within three years of the new contract, a break clause could be activated, leading to the early termination of the agreement.