The fine print of Daniel Ricciardo’s new McLaren contract had been kept private for more than six months, but the Aussie star has now announced the deal is a standard three-year-contract.
The deal locks Ricciardo to the McLaren garage until the end of the 2023 season, at which point he will be 34-years-old.
Speculation has followed Ricciardo and his McLaren contract ever since the team announced a “multi-year” deal in May.
The Perth product stunned the Formula 1 grid when his contract with the English team was announced just days after it was confirmed Sebastian Vettel would be replaced at Ferrari by Carlos Sainz.
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He showed just how much faith he has in the emerging team, that finished third in the 2020 Constructor’s Championship, when he revealed the contract detail before the team’s driver line-up was officially confirmed on Friday (AEDT).
Daniel Ricciardo has hit the track for the first time in a McLaren.Source:Supplied
He sent an ominous warning to the rest of the grid this week when he got behind the wheel of his new MCL35M Formula 1 car for the first time. He clearly likes what he has seen.
“I guess I can say — I’ll say it anyway, I’ve got nothing to hide — it’s three years,” Ricciardo said, according to Autosport.
“So, it’s certainly enough time to get this thing going.
“I feel I’m coming here with a bunch of momentum behind the team as well, not only results, but I think some really good stability in the team and the infrastructure.”
It was reported in May that Ricciardo was set to take a huge pay cut as part of his deal with McLaren, but the money involved with the contract has never been confirmed publicly.
The former Red Bull driver is reportedly facing a pay haircut of around $25 million per-year in his base salary, according to French reporter Marc Limacher.
The report claims Ricciardo was set to earn a stunning 25 million euros ($41.5m) with Renault during the 2020 Formula 1 season before the Aussie accepted a pay cut during the coronavirus-enforced season lock down.
Now Limacher claims Ricciardo’s deal with McLaren is worth $17 million per-year (10 million euros per year) — less than half his current deal.
The 15 million euro per-year pay cut would represent a 60 per cent dive.
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Daniel Ricciardo jumped ship to Renault’s biggest rival.Source:AFP
However, the fine print in the contract reportedly includes a series of juicy bonuses for the Aussie, including:
— Ricciardo has been guaranteed status as the team’s No. 1 driver
— Ricciardo’s contract is for two years with an option in his favour for a one-year extension through to the end of the 2023 season; and
— Ricciardo can unlock a series of bonus payments reportedly ranging from 400,000 euros every time he collects championship points to 1 million euros for each grand prix victory.
The Sun reported earlier Ricciardo started 2020 as the third highest paid star in Formula 1, behind only Lewis Hamilton and Sebastian Vettel.
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