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Charles Leclerc has signed a five-year extension with Ferrari that puts the Frenchman under contract with the team through the 2029 season, according to a report by Italy’s La Gazetta dello Sport.
Leclerc’s contract had been set to expire at the end of 2024.
The extension includes an annual raise of more than $27 million and then $54m in the final year, according to the report.
The agreement also includes performance-related exit clauses that could enable Leclerc to negotiate an exit after 2027 if he’s not satisfied with the Scuderia’s performance in Formula 1.
The 26-year-old is coming off his fifth season with Ferrari’s F1 team, tying for fourth in the drivers’ standings with 206 points. That was six points ahead of teammate Carlos Sainz, who finished seventh.
Leclerc rose through Ferrari’s Driver Academy and entered F1 with Sauber in 2018 before joining Ferrari the following year. He has accumulated 23 poles, the most of any driver in history without a world championship, and Leclerc failed to win a race in 2023.
