Sebastian Vettel contract plan emerges as Ferrari's stance on slashing F1 salary explained

Sebastian Vettel stays the motive force Mattia Binotto needs to companion Charles Leclerc subsequent yr however Ferrari are unwilling to rethink their plan to slash his wage. The four-time F1 champion is at a crossroads in his profession along with his contract expiring on the finish of the approaching season.

Ferrari have insisted they’re longing for Vettel to stay round going into 2021 however are privately eager for him to simply accept an enormous discount in pay.

Vettel faces seeing his present £35m-a-year wages lower down by round two thirds if he places pen to paper on the Italians’ present provide.

The proposal takes into consideration the 32-year-old’s failure to win a title since becoming a member of Ferrari from Red Bull, in addition to the affect of the coronavirus pandemic on them and F1 extra broadly.

F1-Insider.com report Ferrari are unwilling to think about upping the cash on the desk as a result of it ought to nonetheless be seen as an honour to drive for them.

Binotto, although, is seemingly now completely happy at hand Vettel a two-year deal – with an possibility to increase it – which can show a sweetener regardless of the pay lower.

READ MORE: Sebastian Vettel gets advice over Ferrari and McLaren options

Speaking on a convention name with reporters final month, Vettel revealed he expects to have his future sorted earlier than he and his rivals go racing once more this summer season.

“It depends when we will have the first race,” Vettel mentioned, when requested if his subsequent contract shall be finalised earlier than the beginning of the season.

“There is a high chance we will have to make a decision before there will be the first race because at the moment it looks like there will be no race before June or even July.

“The primary precedence at first was to make sure that we’re all coping with the state of affairs in the proper method.

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“Therefore, everything was put on hold and I can imagine that’s the same everywhere else and it was the same for us.

“It’s not like a few days after Australia we mentioned: ‘proper now [we’ll talk]. We will make progress’.

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“Whatever the deal will be like, it will be whatever I and the team will be comfortable with.

“So by way of period I don’t know. Normally the contracts I’ve had up to now have been all three-year offers.

“I know I’m one of the more experienced drivers in Formula 1 but I’m not the oldest and I don’t think there’s an age limit in this regard.”

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