Ferrari have become the first F1 team to break the €100m (£86.5m) wage bill for their drivers, having now awarded Charles Leclerc a pay rise for him to sign a new contract.
The Scuderia announced on Wednesday morning that Leclerc has agreed to sign a new deal, despite his previous contract not expiring until the end of the 2029 season. Ferrari have also confirmed Leclerc’s latest terms prior to his home race, at the Monaco Grand Prix this week.
Leclerc agreeing to sign a new contract that Ferrari officially note will keep him in Maranello “for the coming seasons” comes at a key moment for his future in red, despite the length of his previous deal. Leclerc was said to be considering his options in his bid to win the F1 title.
Charles Leclerc will earn £43m a year with his new Ferrari contract
Despite having earned interest from elsewhere in the paddock, many F1 fans believe Leclerc will now end his career with Ferrari after signing his new contract. The 28-year-old had been linked with potential moves to Aston Martin, McLaren and Red Bull for the past few months.
Signing a new contract with Ferrari has also secured Leclerc a pay rise, according to a report by RacingNews365. It is suggested that Leclerc will now receive a salary rising to as much as €50m a year (£43m), after earning around €34m a year (£29.5m) on his previous contract.
Leclerc’s new contract still lags behind the wage that Lewis Hamilton receives at Ferrari as part of his deal, which might keep the seven-time F1 champion in Maranello in 2027. Ferrari agreed to pay Hamilton around €60m (£52m) per year when they lured him from Mercedes.
Hamilton’s wage and Leclerc’s improved salary even means Ferrari are now the first F1 team to break the €100m (£86.5m) barrier for their drivers’ combined salaries. Red Bull boast the second-highest wage bill at €75m (£65m) – of which Max Verstappen gets €70m (£60.5m).
Ferrari have locked Charles Leclerc down beyond 2030 with his new contract
While Ferrari have chosen not to share the exact length of Leclerc’s new contract, The Race reports that the eight-time Grand Prix winner has agreed to lock himself down beyond the 2030 season. It now remains to be seen whether that means through 2031 or even longer.
It also remains to be seen whether Ferrari have agreed to offer Leclerc the same sort of exit clauses in his new contract that could have seen the Monegasque leave Maranello after the 2026 season, despite his previous deal on paper keeping him there through the 2029 term.
Previous reports suggested that Leclerc could have broken out of his Ferrari contract at the end of 2026 if the pride of Italy failed to afford him a car capable of fighting for the F1 title. Leclerc currently sits third in the 2026 F1 drivers’ standings but trails Andrea Kimi Antonelli in first place by 56 points after five rounds, with his best results third in Australia and Japan.
