As of January 14, 2025, there is no official confirmation or credible reports indicating that Fernando Alonso has signed a handshake deal worth $350 million. Alonso, a two-time Formula 1 World Champion, is currently contracted with Aston Martin through the 2026 season. His recent performances have been impressive, contributing significantly to the team’s progress in the championship standings.
In November 2023, Forbes reported that Alonso’s annual earnings were approximately $34 million, comprising a $24 million salary and $10 million in bonuses. This places him among the highest-paid drivers in the sport, reflecting his experience and skill.
Historically, Alonso has been associated with substantial contracts. In 2014, during his tenure with Ferrari, reports suggested he was seeking a new three-year deal worth $140 million, equating to nearly $50 million per year. While significant, this figure is considerably less than the rumored $350 million deal currently being speculated.
It’s important to note that Formula 1 teams operate under a cost cap, introduced to promote financial fairness and competitiveness. The cost cap for the 2025 season is set at $135 million, covering expenses related to car development, operations, and performance. Driver salaries and marketing costs are excluded from this cap; however, committing $350 million to a single driver would be unprecedented and financially impractical, even for the wealthiest teams.
Additionally, Alonso has expressed satisfaction with his current arrangement at Aston Martin. In a 2023 interview, he stated that committing to the team until 2026 was an “easy” decision, indicating a mutual commitment to long-term success.
Given the lack of official announcements and the implausibility of such a substantial deal within the current financial landscape of Formula 1, the rumored $350 million handshake agreement appears to be unfounded. For accurate and up-to-date information, it is advisable to refer to official communications from Fernando Alonso, Aston Martin, and reputable news outlets.
