Truth about Mattia Binotto's Ferrari resignation; Italian bit the bullet

After weeks of speculation, the Scuderia Ferrari Formula 1 team announced the departure of team principal Mattia Binotto at the end of the year. Rumours about a potential exit began to make the rounds after a season that started with plenty of promise withered out as it progressed.

Ferrari rubbished speculations about Binotto's departure during the Brazilian Grand Prix, with the team claiming the rumours were "without foundation." The Italian team boss was also assured about his place in the team following a call with Ferrari chairman John Elkann.

However, following his return to Italy after the season ending Abu Dhabi Grand Prix, Binotto was reportedly met with silence from the team's top management. It was also no secret that Ferrari had held talks with a number of potential replacements, but had not told their team principal about their plans.

Binotto, who has been with Ferrari for 28 years, was not willing to wait for the noose to tighten. The 53-year-old decided to take control of the situation and "with regret" resign from his position at the helm of Formula 1's most famous team.

"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," Binotto said.

"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. I think it is right to take this step at this time as hard as this decision has been for me."

Ferrari, according to Formu1a.Uno, was not anticipating this move, and Elkann reportedly was very hesitant to accept Binotto's resignation. Despite talking to potential replacements, the Maranello team was still unsure about parting ways with their team principal.

The Italian's time at the helm was topsy turvy at best, but it leaves Ferrari in good stead going forward. He oversaw two disastrous campaigns in 2020 and 2021, when the team failed to win a race, but he was also key to Ferrari's resurgence to early season title contenders in 2022.

Binotto's time with Ferrari will officially come to an end on Dec. 31, with a replacement only expected to be named in the new year. The Italian will enter a period of gardening leave before making any decision on his future, but he will have no shortage of suitors with many teams already making their approach.