P1racenews AI automatic summary:
Charles Leclerc has committed his long-term future to Ferrari’s Formula 1 team by signing a bumper five-year contract extension, according
Ferrari is reportedly keen to extend Charles Leclerc’s contract, which is set to expire at the end of 2024. Ferrari president John Elkann confirmed that both Leclerc and Carlos Sainz will receive extensions. Leclerc’s new contract would see him earn €25m initially, doubling to €50m in the final year. Performance-related exit clauses will be included in Leclerc’s contract, becoming active from the third year. Sainz’s future with Ferrari is less clear, as Ferrari is allegedly against offering him the two-year contract he desires and may consider Lando Norris as an attractive option.
