Multi-year contracts in F1: securing your future, but at what cost?
Several Formula 1 drivers have multi-year contracts, which means that their future is secure for several years. However, isn't it a risk to commit to multiple years with the same team? In this sport, performance is not guaranteed from one year to another, and some drivers may well regret having committed to the long term.
Signing a multi-year contract in Formula 1 is a double-edged sword. On one hand, it guarantees you a place in the premier category for many additional years. On the other hand, it carries the risk of staying with an uncompetitive team and therefore only achieving meager results. Several current drivers have signed multi-year contracts, but not all of them are in the best possible situation.
Ensuring one’s future in F1 sounds like a privilege
In the premier category of motorsports, you are not allowed to make a mistake, or very few. The pressure is maximum and every mistake can be fatal. In that case, securing one’s future by signing a multi-year contract is a solution. Alex Albon is the best example of this. Dismissed from Red Bull in late 2020 due to disappointing results, he came back in 2022 with a different face, and in a different team. At Williams, he was able to relieve the pressure generated by Red Bull in order to start fresh. As a result, he signed a multi-year contract at the beginning of the season, which he is thrilled about. “I have signed a contract that perhaps brings one of the best feelings, in the long term. It is a privilege in Formula 1,” said the Williams driver. For Albon, this contract is a stroke of luck.
For Max Verstappen, it goes beyond privilege. His contract expires in 2028 and the Dutchman seems quite relaxed. He also has no worries about the performance of his team: it’s hard to see how Red Bull could lose performance in the coming years. For the Austrian team, it also means securing the services of a talented driver, probably even the strongest since last year. Whatever the case, these long-term contracts can be beneficial.
Being able to build a project with the team
They also allow a driver to build his future with a team. This was the case for Charles Leclerc after his first year at Ferrari in 2019, when the team offered him a contract until the end of the 2024 season, which is five seasons. Pleased with the length of this contract, he explained that it allows him to create a shared future with the team and focus on developing the car without pressure. « It is good to have a long-term vision for development, but one must not rush. Of course, new parts need to be brought as quickly as possible. However, this vision allows for gaining experience with the team. I therefore think it’s beneficial », the Monegasque declared last summer.
For Charles Leclerc, the multi-year contract is an opportunity. However, with just over a year left on it, Ferrari has not yet found the means to compete for the championship over a full season.
The risk of frustration
Signing for several years with a team can also become frustrating. Just ask Charles Leclerc or Lando Norris. The British driver is under contract with McLaren until the end of 2025, and despite the promising performances in 2021, the Woking team is struggling to return to the forefront. For Norris, whose talent is well-known, this can become frustrating and push him to look elsewhere. In the same vein, Esteban Ocon could also become frustrated with Alpine. The French team, since its comeback, aims to win races. However, they have been unable to do so. Worse, this year, they have failed to make the leap like Aston Martin did. For the French driver who thirsts for victories, this could pose a problem.
Multi-year contracts are always the priority for teams when they want to keep their driver. However, if the team fails to become competitive, it can become a problem. For the driver, accepting such a contract can quickly become a risk, and yet, it remains a privilege.
