F1 News, Reports and Race Results

Marchionne puts €120 million on Vettel's table!

Ferrari Chairman Sergio Marchionne has apparently tabled an enticing offer to Sebastian Vettel to keep the German driver at Maranello for three more years.

French weekly Auto-Hebdo is reporting that Ferrari have offered the current leader of the world championship 120 million euros for a three-year extension of his current contract which runs out at the end of 2017.

In Austria last weekend, Marchionne made it clear that Vettel's future with the red squad was in his own hands.

"I made it very clear that, if Sebastian wants to stay, it was his option," said Marchionne.

Estimated 2017 F1 driver salaries

As part of the negotiations for 2018, Vettel has allegedly been pushing for Ferrari to extend Kimi Raikkonen's contract.

Marchionne has apparently agreed and offered the Finn a one-year deal valued at 5 million euros, but Raikkonen has yet to accept.

Ferrari is aiming to have its affairs in order with its drivers by Monza, where it would announce its 2018 lineup.

Vettel is also rumored to have been engaged by Mercedes for a move to the Silver Arrows team although many believe it would not be before 2019, with team boss Toto Wolff encouraging Vettel to agree to just a one-year contract with the House of Maranello.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.