Ferrari president John Elkann has all but written off the Scuderia's current season and next year, but trusts Mattia Binotto to lead a resurgence and winning cycle from 2022.
Flawed aerodynamics embed in its SF1000 coupled with a reined in power unit has pushed Ferrari down the order this season, with limited progress in sight because of a cap on development and the sport's regulation freeze for 2021.
Despite the Italian outfit's setback, its leadership will remain unchanged going forward although a few changes to the Scuderia's technical department have been implemented, like the creation of a new Performance Development department.
Taking stock of the House of Maranello's current plight, Elkann expressed his utmost confidence in Scuderia boss Binotto's ability to turn around Ferrari's fortunes, but not before 2022.
"The sporting part is undoubtedly going through a difficult period that started a long time ago," Elkann explained in an interview with Italy's La Gazzetta dello Sport.
"We have not won a constructors' World Championship since 2008 and the drivers' title since 2007.
"There have been the winning cycles for Red Bull thanks to its aerodynamic capacity and for Mercedes for its great ability in hybrid engine technologies.
"This year we are not competitive. We have had a number of structural weaknesses that have long existed in aerodynamics and vehicle dynamics. We have also lost in engine power.
"The reality is that our car is not competitive. You saw it on the track and you will see it again. Today we are laying the foundations for being competitive and returning to winning when the rules change in 2022. I am convinced of it."
To steer its recovery, Elkann remains convinced that Ferrari has the right man at the helm
"Total trust!," quipped the Ferrari president when asked about his support for Binotto. "Because Mattia Binotto, who has been at the helm of the Scuderia for a year, has all the skills and characteristics to start a new winning cycle.
"He was with Ferrari with Todt and Schumi, he knows how to win and from next year he will work with two young and ambitious drivers."
Speaking of drivers and the Scuderia's 2021 young line-up that will see Carlos Sainz race alongside Charles Leclerc, Elkann explained why Ferrari is betting on youth.
"In the last ten years we have had champions such as Alonso and Vettel who have been world champions," he said.
"But it is undoubtedly more difficult to rebuild a cycle and ask for patience those who have already won compared to those who have the future ahead of them.
"We are laying the foundations for building something important and lasting, and the contract we signed with Charles proves it: five years, never so long in Ferrari's history.
"Leclerc and Sainz will be at home in Maranello, will be close to our engineers. The new machine will be born with them ".
But the "new machine" won't see the light of day until 2022, which implies another season of struggles for Ferrari in 2021.
Looking ahead, the Scuderia will also need to compose with Formula 1's budget cap that will be introduced next year. But Elkann sees the inevitable constraints associated with the cost cap measures as an opportunity for Maranello's engineers.
"We have given the ok to the new rules starting from 2022, because we believe it is right that there is greater competitiveness within F1, and we do not see the budget cap as a constraint on our ability to win, we take it as a challenge," explained the 44-year-old American-Italian.
"Our engineers, our mechanics and our drivers will find in those constraints the strength and creativity to bring Ferrari back to the top.
"Personally I have never seen in the last 10 years such a cohesive and strong spirit.
"The fans are suffering as much as we are, but we know they are close to us. This is why it is important to be clear and honest with them. A long path awaits us.
"When Todt opened that historic cycle in 2000, we came from a dry spell that had lasted for over twenty years, from 1979 ...
"It took time, from landing in Maranello in 1993 to Ferrari's return to success. The important thing then was to work on the track and off the track, in a cohesive way, building the Ferrari we want step by step ".
Gallery: The beautiful wives and girlfriends of F1 drivers
Keep up to date with all the F1 news via Facebook and Twitter
Williams is continuing to fight uphill battles this weekend in Las Vegas as a knock-on…
It was a solid start to the Las Vegas weekend for Ferrari with Carlos Sainz…
Lando Norris didn’t hold back in his assessment of McLaren’s performance on the opening day…
Lewis Hamilton was particularly happy with his opening day of running at the Las Vegas…
Red Bull fears that its prospects for this weekend's Las Vegas Grand Prix - which…
Ferrari and Mercedes have both modified their car’s floor element in Las Vegas to comply…