Four-time world champion Sebastian Vettel has signed a three-year contract extension with Ferrari.
In a brief statement, the racing team confirmed the contract will secure Vettel for the 2018, 2019 and 2020 seasons but failed to provide any specifics, including whether there are any performance-related release clauses in the contract.
Additionally, it isn’t known just how much Vettel stands to earn with his new contract but he is thought to be raking in $30 million a season on his current contract. An increase on that figure seems inevitable.
Speaking on the eve of the Belgian Grand Prix about his decision to stick with Ferrari, Vettel said he loves everything about the team.
“I love this team. I love the people who are working for this brand. Ferrari has something unique, something that other teams don’t have. People talk about a legend. To me it appears that this legend is still alive because of the people who work for it, day in, day out.
“In a way, it was a no-brainer to continue. We haven’t yet achieved what we wanted to achieve but things are looking pretty good, and obviously we have a long road ahead of us,” he said.