(CNN)Four-time world champion Sebastian Vettel will remain in Formula 1 after signing a deal with team Racing Point, which will rename itself Aston Martin from next season.
There was some doubt as to whether the German would continue in F1 after Ferrari announced in May that McLaren driver Carlos Sainz would take his place.
However, Sergio Perez announced on Wednesday that despite a contract until 2022, he will leave Racing Point at the end of the current season, freeing up a place on the grid.
“I am very proud to say that I will become an Aston Martin driver in 2021,” Vettel said in a statement. “It’s a new adventure for me at a truly legendary automotive company. I’ve been impressed with the results the team has achieved this year and I believe the future looks even better.
“Lawrence’s energy and commitment [Stroll, Racing Point part-owner] for sport is inspiring and I believe that together we can build something very special.
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“I still love Formula 1 so much and my only motivation is to be at the front of the grid. Doing this with Aston Martin will be a great privilege.”
Vettel won four consecutive world titles with Red Bull between 2010 and 2013 but his driving has been plagued by failures of late. In 2018, Vettel gambled away the championship lead and Ferrari’s chance of winning the first world title since 2007 due to several mistakes in the second half of the season.
The 33-year-old was signed by Ferrari to end that championship drought, but the emergence of exciting young driver Charles Leclerc eventually meant Vettel was no longer considered the number one driver.
Vettel is 13th in the drivers’ standings, having accumulated just 16 points so far this season, and is 29 points behind teammate Leclerc.
READ: Ferrari implodes as Leclerc and Vettel collide
In terms of wins, however, Vettel is the third most successful in the history of the sport, behind only Michael Schumacher and Lewis Hamilton.
Racing Point said the Vettel deal was “a clear commitment from the team to establish themselves as one of the most competitive names in sport.”
“Everyone at Silverstone is very excited about this news,” team principal Otmar Szafnauer said in a statement. “Sebastian is a proven champion and brings a winning mentality that matches our own ambitions for the future as the Aston Martin F1 Team.
“On a Saturday or Sunday afternoon, Sebastian is one of the best in the world and I can’t think of a better driver to lead us into this new era. He will play a significant role in taking this team to the next level.”
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