F1: Vettel Offered Pay Cut in New Ferrari Offer

Four-time World Champion Sebastian Vettel has been given his first contract offer by the Scuderia to continue with them past 2020. The deal, as reported by Sky Sports Italia gives him a one year extension and a pay cut on his current salary.

2020 marks the final year of a three-season contract he signed in 2017 worth up to €100 million and the German is said to have minimal bargaining power as Ferrari look further afield for options. Daniel Ricciardo’s Renault contract comes to a close at the end of this year and as a proven race winner would be a notable signing for Ferrari. As would Carlos Sainz, who easily finished as best of the rest last year, with a third place in the Brazilian Grand Prix his highlight.

Ferrari have made it clear however that their priority remains in re-signing Vettel alongside Charles Leclerc. Since joining the team from Red Bull, Vettel has amassed fourteen victories with two serious championship threats in 2017 and 2018, though has yet to claim a fifth championship since switching from Red Bull.

He finished last season in fifth, behind teammate Leclerc, who was in his maiden season for Ferrari. The Monégasque driver recorded two wins and an equal amount of podium finishes as his teammate leading to a new five-year contract at the conclusion of the 2019 season.

The 32-year-old Vettel also considered retirement making comments recently that he’d like to study mechanical engineering once his racing days are over.

Ferrari have reported the deal is a take-it-or-leave-it offer, though negotiations are expected to continue.