F1: Ferrari Hand Fred Vasseur New Multi-Year Deal As Team Eyes Stronger Future

(MENAFN- IANS) Maranello, July 31 (IANS) Ferrari have announced a multi-year contract extension for Team Principal Fred Vasseur, a move the team says reflects their determination to build on the strong foundation laid under his leadership since he joined ahead of the 2023 Formula 1 season.

The Frenchman took charge of the Scuderia after a stint at Sauber and has since overseen a period of renewed competitiveness and internal stability.

Under his watch, Ferrari narrowly lost out to McLaren in the 2023 Teams' Championship, finishing just 14 points behind the title winners. Though the gap this season has widened m- Ferrari trail McLaren by a hefty 268 points heading into the summer break - the team remains second in the standings, ahead of Mercedes and Red Bull.

On the eve of the Hungarian Grand Prix weekend, Ferrari confirmed the new deal, bringing an end to recent speculation about Vasseur's future.

In June, reports in the Italian media had suggested that he was at risk of losing his job - claims that had deeply frustrated the 57-year-old. He dismissed the rumours at the time, calling them“disrespectful” and“clearly hurting the team".

Ferrari, however, have shown faith.“His ability to lead under pressure, embrace innovation and pursue performance aligns fully with Ferrari's values and long-term ambitions,” the team said in a statement.

“Under Fred's leadership, Ferrari is united, focused and committed to continuous improvement. The trust placed in him reflects the team's confidence in its strategic direction and reinforces a shared determination to deliver the results that Ferrari's fans, drivers and team members expect and deserve.”

Ferrari CEO Benedetto Vigna echoed that sentiment, saying:“Today we want to recognize what has been built and commit to what still needs to be achieved. It reflects our trust in Fred's leadership – trust rooted in shared ambition, mutual expectations and clear responsibility.

"We move forward with determination and focus, united in our pursuit of the level of performance Ferrari has to aim for.”

Vasseur, who has been key in fostering a strong internal culture, welcomed the extension.“I'm grateful for the trust Ferrari continues to place in me,” he said.“This renewal is not just a confirmation – it's a challenge to keep progressing, to stay focused and to deliver.

“Over the past 30 months, we've laid strong foundations and now we must build on them with consistency and determination. We know what's expected, and we're all fully committed to meeting those expectations and taking the next step forward together.”

The team has claimed two podium finishes in the last three races, both through Charles Leclerc while Lewis Hamilton, in his debut season with the Scuderia, is steadily gaining confidence.

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