Ferrari team principal Binotto pays price for Red Bull dominance

Mattia Binotto has resigned as team principal of Formula One giants Ferrari, the historic Italian manufacturer announced on Tuesday, with his successor due to be unveiled "in the new year".

"Ferrari N.V. announces that it has accepted the resignation of Mattia Binotto who will leave his role as Scuderia Ferrari Team Principal on December 31," read the statement.

The 53-year-old Swiss-born Italian had been with Ferrari for almost three decades, stepping up to the role of team principal in 2019 after starting off as an engineer.

Rumours had been swirling about Binotto's future ahead of the season-ending Abu Dhabi Grand Prix earlier this month as the team failed to mount a serious and sustained challenge to Red Bull after a promising start to the campaign.

"With the regret that this entails, I have decided to conclude my collaboration with Ferrari," Binotto said in the statement.

"I am leaving a company that I love, which I have been part of for 28 years, with the serenity that comes from the conviction that I have made every effort to achieve the objectives set.

"I leave a united and growing team. A strong team, ready, I'm sure, to achieve the highest goals, to which I wish all the best for the future."

Benedetto Vigna, CEO of Ferrari Group, said Binotto had achieved many things in his role, including making Ferrari competitive again.

"I would like to thank Mattia for his many great contributions over 28 years with Ferrari and particularly for leading the team back to a position of competitiveness during this past year," said Vigna.

'Without foundation'

"As a result, we are in a strong position to renew our challenge, above all for our amazing fans around the world, to win the ultimate prize in motorsport."

Italian daily Gazzetta