Reigning Formula 1 world champion Max Verstappen has signed a lucrative new deal with his Red Bull team, which team boss Christian Horner has said is “a real statement of intent” for Verstappen and the team. Verstappen’s current contract was set to end at the end of 2023, but he expressed his desire to stay with the team for the next “10 or 15 years” after he won the 2021 world title in Abu Dhabi. This deal cements Verstappen as part of Red Bull’s long term F1 vision. The new deal keeps Verstappen at Red Bull until the end of 2028, two years into the sport's new era of engine regulations.
A Hugely Lucrative Contract
While exact figures in F1 contracts aren’t known, Dutch media did recently suggest that the new deal for Verstappen could be worth up to $55 million a year, meaning the current world champion is on one of the most lucrative contracts in the sport's history. New mega sponsorship deals with title sponsor Oracle and new partner Bybit mean that Red Bull has been able to spend virtually whatever it wants to keep its star at the team for the long term, and it avoids rivals such as Mercedes or Ferrari coming after him.
Keeping The Number One On The Car
Verstappen will be the first world champion since Sebastian Vettel in 2014 to run the number one on the car. Hamilton ran 44 on his car after he won the title, while 2016 Champion Nico Rosberg retired after securing his crown, so the number one simply could not run at all. In the press release from Red Bull, Verstappen said that the deal was now “about keeping the number one on the car long-term” and that will certainly be possible so long as Red Bull enters F1’s new era as a front-running team again.
A Statement Of Intent
The move is also very much a statement of intent for Red Bull. It has lost its factory Honda engines, although the Japanese company is still providing Red Bull with engines under the Red Bull Powertrains name. And Red Bull are looking to build their own engines from 2026 onwards, when the regulations change. So to keep Verstappen not just up to that new era, but also two years beyond it, is a statement of intent and belief from both the team and driver in each other. It is so rare to see a driver commit to just one team for so long.
Sources: Max Verstappen Twitter, Oracle Red Bull Racing Twitter