Ferrari Team Principal, Fred Vasseur, has signed a new long-term contract to remain in charge of the team despite an ongoing winless run in Formula 1 this season.

Ferrari announced a multi-year contract extension with Formula One team boss Fred Vasseur on Thursday, ending immediate speculation about the Frenchman's future at the helm of the sport's oldest, most successful and glamorous constructor.

Fred Vasseur’s multi-year renewal as Ferrari’s Formula 1 boss has come as a surprise ahead of the Hungarian Grand Prix.