Red Bull gives Sergio Perez new deal; extends contract till 2024

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Sergio Perez has signed a new two-year deal, extending his stay at Red Bull till the end of 2024

Sergio Perez joined Red Bull last season and took one victory – in Azerbaijan – as well as four further podiums on his way to fourth place in the drivers’ championship. He has stepped it up a gear this season, with three second-place finishes to add to his Monaco win, and that leaves him third in the standings, just 15 points adrift of leader Max Verstappen.

The Mexican driver has had a wonderful week having won the Monaco GP just before this contract extension. Speaking on his new deal, Perez said – “For me, this has been an incredible week, winning the Monaco Grand Prix is a dream for any driver and then to follow that with announcing I will continue with the Team until 2024 just makes me extremely happy.”

He further added, “I am so proud to be a member of this Team and I feel completely at home here now. We are working very well together and my relationship with Max, on and off the track, is definitely helping drive us forward even more.”

Red Bull renewed Perez’s team-mate Max Verstappen’s contract earlier this year

At the start of the season, Max Verstappen signed a 5-year deal with Red Bull, extending his previous contract which ran till 2023.

Max Verstappen Spanish GP
Red Bull driver Max Verstappen, of the Netherlands, celebrates on the podium after winning the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. (AP Photo/Manu Fernandez)

Verstappen joined Red Bull in 2016. His previous contract ran till 2023 but both parties were keen to continue their association with each other. Following the new contract, Verstappen now earns US$ 53.3 million a year making him the joint highest-paid F1 driver on par with Lewis Hamilton.

Verstappen is the hottest property in F1 right now with Lewis Hamilton in the twilight of his career. The Dutch are expected to dominate podiums for a long time ahead and that’s it was inevitable that he would receive lucrative offers from the top teams once he got closer to the end of his contract. Therefore, Red Bull didn’t waste any time extending his contract even though two more seasons were remaining from the previous contract.

Red Bull
MILTON KEYNES, ENGLAND – JANUARY 26: Max Verstappen of Netherlands and Red Bull Racing and Sergio Perez of Mexico and Red Bull Racing talk on stage during the Red Bull Racing RB18 launch at Red Bull Racing Factory on January 26, 2022 in Milton Keynes, England. (Photo by Bryn Lennon/Getty Images)

Now that Perez’s contract has also been extended, it is clear that Red Bull trusts their core of drivers and has ample faith that both Verstappen and Perez will deliver the desired results.

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