Ferrari chairman reveals reason for Fred Vasseur contract extension ahead of Hungarian GP

Ferrari executive chairman John Elkann has confirmed his support for team principal Fred Vasseur

Ferrari executive chairman John Elkann has spoken out on Fred Vasseur's contract extension as team principal at the Maranello outfit.

Prior to the announcement on 31 July that the Frenchman had signed a multi-year contract extension with Ferrari, there were reports that he was under pressure and potentially facing an exit from the role. The speculation was firmly quashed by Vasseur and drivers Lewis Hamilton and Charles Leclerc during the Canadian Grand Prix weekend.

Vasseur joined Ferrari in 2023 after serving as the team principal for Sauber. In 2024, the team fought McLaren for the constructors' championship, missing out by only 14 points. Vasseur was also instrumental in the signing of seven-time champion Hamilton for the 2025 season. As a result of this, expectations were high at the start of the year, but the Italian team has struggled to find the dominance that its rival McLaren has enjoyed.

Although Ferrari is still second in the championship, it currently trails the Woking outfit by 268 points.

Elkann discussed Vasseur's contract extension with F1.com and the importance of stability for the team.

“We’ve really worked well with Fred, and when you work well, it’s important to continue working well," he explained.

"The reality is that from the basis of these years, we all want to build more, and we know that, in Formula 1, times are such that what you really need is engagement, trust, and make sure that the time is there with you.

Frederic Vasseur, Ferrari

Photo by: Rudy Carezzevoli / Getty Images

"The natural evolution of the relationship with Fred, that has been a very strong relationship and one that you can feel, and it’s palpable in Ferrari, just the importance of how stability makes a big impact on results. That’s really what we all want.”

Elkann added: “We’ve had a rough season, and that is why it is really important to ensure that we end well and we start the second half very strong and full of energy. Ferrari wants to win, has won, will win, when it’s able to get everyone together. What’s important in Ferrari is not the individual, but it’s the individuals.

“Those individuals, when they work together, they can do incredible things. That has been very much the case in Formula 1. We all remember when we were victorious, and we were victorious because there was a very strong sense that incredible individuals – from our engineers, our mechanics, our pilots, our team principal – were really individuals that worked together. So it’s not about the individual, but it’s about the collective effort of great individuals who can achieve even more together.”

Vasseur branded the contract extension as a "challenge to keep progressing".

"I'm grateful for the trust Ferrari continues to place in me," he said at the time of the announcement. "This renewal is not just a confirmation – it's a challenge to keep progressing, to stay focused and to deliver.

"Over the past 30 months, we've laid strong foundations and now we must build on them with consistency and determination. We know what's expected, and we're all fully committed to meeting those expectations and taking the next step forward together."