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Formula 1 season is set to be one of the most unpredictable in recent memory, with huge shifts in driver lineups, the last year of the current rules package, and the possibility of a truly competitive championship fight.

Formula 1 chief executive Stefano Domenicali has signed a new five-year contract to the end of 2029. The Italian, a former Ferrari team principal and Lamborghini chief executive, has held the role since 2021.

The 59-year-old Italian’s deal will run until 2029, and was announced just 24 hours before the first track action of the new campaign at Melbourne’s Albert Park.

Stefano Domenicali will continue as president and CEO of Formula One Management for a further five years, the commercial rights holder for the Formula 1 championship has announced. The ex-Ferrari F1 team boss has helmed FOM since the start of 2021 and has overseen a period of strong growth in terms of fan interest in the series and improved financial health for its stakeholders – including the teams.