"I am pleased to finally share this exciting news about my future". Seats at top teams filled quickly and it soon became clear that Racing Point, which will rebrand as Aston Martin in 2021, was his only serious option. "I have been impressed with the results the team has achieved this year and I believe the future looks even brighter", said Vettel.
Vettel said Racing Point's improved performance this year was a key factor in his decision as well as F1's budget cap for 2021 and new regulations for 2022 that are aimed at levelling the playing field among teams.
"I think it's one of the smartest moves that Aston Martin could do and I'm excited to see what he contributes and how he helps progress that team forward".
Vettel's announcement hijacks Ferrari's 1,000th Grand Prix at the Italian team's home track in Mugello this weekend.
Sergio Perez is yet to confirm what he will do in 2021
"Checo has been part of the Silverstone family for seven years and in that time has become one of the most complete drivers on the grid".
Vettel said he asked a lot questions of team principal Otmar Szafnauer to gauge the long-term potential of the team before signing. The rumour mill says he could find refuge at Alfa Romeo or Haas.
His staying means the sport will have three multiple world champions still racing, with Spain's double champion Fernando Alonso returning after two seasons out to drive for Renault, who will be renamed Alpine F1.
The squad, which has been through various guises, now operates under the Racing Point name, following its acquisition in mid-2018 by businessman Lawrence Stroll. We managed to overcome obstacles and I am very proud of saving the jobs of several of my team-mates. The team, however, was allowed to continue to use the offending components this season.
"I'll keep the memories of the great moments lived together, the friendships and the satisfaction of always giving my all".
"To the current administration, led by Lawrence Stroll, I wish nothing but the best in the future, especially with the upcoming Aston Martin project".