Scuderia Ferrari have announced that driver Sebastian Vettel will leave the team when his current contract expires at the end of this year.
News broke on Monday night in German media that the two parties have failed to reach an agreement over a new deal beyond 2020.
“This is a decision taken jointly by ourselves and Sebastian, one which both parties feel is for the best”, said Ferrari team principal Mattia Binotto.
Binotto in an official statement further said there was a “common and amicable belief that the time had come to go our separate ways in order to reach our respective objectives”.
He also thanked Vettel for his “great professionalism and human qualities” shown during the time spent with the Maranello outfit.
Vettel joined the Scuderia in 2015 after winning four consecutive drivers championships at Red Bull from 2010 to 2013.
It was the German’s target to return Ferrari into a championship winning side but five years on, that dream has not yet materialised, largely due to the dominance of rivals Mercedes and Lewis Hamilton.
Mattia Binotto added “we have not managed to win a world title together, which would be a fifth for him, but we believe that we can still get a lot out of this unusual 2020 season.”
Vettel on his part commented “The team and I have realised that there is no longer a common desire to stay together beyond the end of this season. Financial matters have played no part in this joint decision.
He continued “I wany to thank the whole Ferrari family and above all its tifosi all around the world , for the support they have given me over the years.”
Sebastian Vettel has so far scored 12 pole positions and 14 race wins, which is the third most by a Ferrari driver, behind Niki Lauda and Michael Schumacher.