Sebastian Vettel is leaving Ferrari because both parties didn’t share the same “short or long-term goals”, according to the team’s Formula 1 boss Mattia Binotto.

The four-time world champion and Ferrari are parting ways at the end of the 2020 season following a six-year partnership that has so far amassed 14 grand prix victories but as yet no world championships.

Talks over a new contract broke down without agreement and Ferrari acted swiftly by swooping for McLaren’s Carlos Sainz as Vettel’s replacement on a two-year deal that was announced on Thursday morning.

Why is Sebastian Vettel leaving Ferrari? | Crash.net

It has been reported that Ferrari was only willing to offer a one-year extension on a significantly reduced salary, though Vettel insisted the decision was not down to financial matters but rather because they no longer have a “common desire to stay together”.

Speaking at the Motor Valley Fest event in Italy on Thursday, Binotto said: “When taking these decisions it’s because we are convinced we made the right decision.

“We closed a cycle with Sebastian, it’s been six years he has been working in our team. I admire Sebastian as a person and as a driver. I hold him in great esteem.

“Over the last weeks, the world has changed, not only from an economic point of view but also from a technical and sporting point of view.

“There are challenges and obstacles ahead. We are laying the foundations for our future. And we want to have a specific perspective.

“We discussed it with Sebastian and we found out we didn’t share the same short or long-term goals.”

EDITOR'S PICKS: How Vettel's Ferrari dreams collapsed under the weight of expectation.

Sainz will join Charles Leclerc - who signed a new long-term deal until the end of 2024 over the winter - to complete Ferrari’s youngest driver pairing since 1968 when he arrives from McLaren at the end of the season.

The Spaniard claimed a career-best result of sixth place in the championship on his way to helping McLaren secure fourth in the constructors’ standings during an impressive 2019 campaign in which he also took a maiden F1 podium in Brazil.

“Sainz is a great addition,” Binotto explained. “He’s very smart, young, but he has participated in five seasons.

“He’s a strong, reliable driver that has scored a lot of points and I believe he is a great driver to be paired with the pure talent of Charles, so that he can grow and win.”