Ferrari had no intention of keeping Vettel after 2020, Giovinazzi still a future option

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Despite rumours of contract offers, Ferrari had no intention of keeping Sebastian Vettel after 2020, The Race claims.

This week it was confirmed the four-time world champion would be departing the Scuderia at the end of the year, with Carlos Sainz later announced as his replacement.

In a statement, Ferrari boss Mattia Binotto explained the decision has been reached jointly between both team and driver, with Vettel also indicating there was "no longer the common desire" to continue.

However, sources have told The Race that Binotto had already decided the German would be leaving in the wake of flashpoints between Seb and Charles Leclerc in 2019.

And while it had been suggested Ferrari had offered Vettel a one-year deal, then a two-year deal both with a reduced salary, in fact, no new contract had ever been proposed.

Instead, the Italian team began by contacting both Daniel Ricciardo and Carlos Sainz, but the Australian quickly dropped out as the increased level of interest in the Spaniard became clear.

One named never included as a possible option was Alfa Romeo driver Antonio Giovinazzi, who is of course tied to Ferrari.

But while Leclerc made the jump from Hinwil to Maranello after just one year in F1, Binotto claims the Italian is not ready for a similar quick promotion.

“Antonio is a boy whom I respect a lot," he told Sky Italia. “Last year he made his first season in Formula 1, switching to Ferrari after a year I think it requires too much responsibility.

“He has to keep his shoulders [high], we count on his growth and we will help him. He is part of our plans, but he still has to experience [more] in F1.”

All of this also had an impact financially on F1, with Formula Money reporting the sport's share price slumped 4.5 percent after Vettel's departure was announced and only recouped 3.1 per cent after Sainz was confirmed as his replacement.

That nett loss of 1.4 per cent equated to $90m being wiped of F1's value just because of one significant driver move.

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