Ferrari team principal Fred Vasseur signed a contract extension with the Maranello-based team, as the announcement was made before the 2025 Hungarian GP weekend. Ferrari Chairman John Elkann spoke about the team principal’s contract extension as he hailed the Frenchman.Fred Vasseur's position as the Ferrari boss came under fire around the 2025 Canadian GP, with rumors suggesting that the Frenchman was on his way out of the team. Several reports claimed that Scuderia's performance at the Canadian, Austrian, and British GP was crucial in deciding Vasseur's future at the team.Rumors of Lewis Hamilton leaving the team also started circling the paddock around the same time, but all these claims were rubbished by Vasseur. As Christian Horner left Red Bull after the British GP, some reports even suggested the Briton as Vasseur's replacement.Nonetheless, Ferrari and Fred Vasseur have put all these rumors and claims to bed as the Frenchman signed a new contract with the team. The announcement was made ahead of the race in Budapest as the public statement shared that Vasseur signed a multi-year contract.John Elkann spoke with Sky Sports Italy ahead of the Friday practice session at the Hungarian GP and detailed the reason why Fred Vasseur was given a contract extension. Reflecting on the improvements made by Vasseur, Elkann said:“Fred has improved the team in the last few years. We were close to win the constructors title and this year we're 2nd. It's important to strengthen when someone is making improvements.“When you're improving it's important to give trust and give stability to do more. This season? The first part of the season has been complicated what's important is trying to understand where we have to improve,” he added.Frederic Vasseur joined Ferrari ahead of the 2023 F1 season, replacing Mattia Binotto.Fred Vasseur “grateful” for Ferrari's trust as he signs multi-year contract Ferrari last won a championship in the late 2000s, with Kimi Raikkonen. Fred Vasseur was brought in by the Scuderia to get the team back to its glory days. While that hasn't been the case, the team has become more competitive, losing out on the 2024 constructors' title by just 14 points.Vasseur hailed Ferrari’s trust in him as he signed the contract. He said:“I'm grateful for the trust Ferrari continues to place in me. This renewal is not just a confirmation – it's a challenge to keep progressing, to stay focused and to deliver. Over the past 30 months, we've laid strong foundations and now we must build on them with consistency and determination.”Ferrari sits second in the constructors' championship, with McLaren running away with the lead. The Maranello-based squad has to fend off the threat from Mercedes and Red Bull in the second half of the season.