Red Bull team principal Christian Horner has called the new deal a “true statement of intent” for the future of the Milton Keynes outfit .
Max Verstappen already had a contract for the 2022 and 2023 seasons after renewing in January 2020, but has now signed a five-year renewal that will last until 2028.
Verstappen’s new contract with Red Bull, which cancels the previous one, is for seven years, making it the longest contract ever signed by a driver in Formula 1.
After winning the 2021 world championships in Abu Dhabi, Verstappen joked over the radio that he wanted to stay with the team for the next “10 or 15 years”, with Red Bull Motorsport boss Helmut Marko confirming shortly after that the goal was quickly agree on a renewal.
Ahead of the official confirmation of the deal, announced on Thursday, Dutch media revealed on Wednesday that the new contract could be worth up to 50 million euros a year, which would put him on a par with rival Lewis Hamilton’s earnings in Mercedes.
Although Red Bull has lost support from Honda , they have recently struck major sponsorship deals, including with their new lead partner Oracle and a €135 million deal with cryptocurrency platform Bybit.
That, combined with the FIA’s cost cap that means teams are going to spend less elsewhere, encouraged the Austrian team to spend whatever it takes to keep its star driver.
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“I enjoy being part of the Oracle Red Bull Racing team, so deciding to stay until the 2028 season was an easy decision,” Verstappen said of the new deal.
“I love this team and last year was just amazing. Our goal since we came together in 2016 was to win the championship and we’ve done that, so now it’s about keeping the number 1 on the car for the long term.”
The new contract secures Verstappen’s services for the first three years of the new power unit rules, which come into force in 2026.
The newly formed Red Bull Powertrains division is already working on the draft for the new regulations.
Having Verstappen in the long term also gives Red Bull a strong argument in its negotiations with the Volkswagen Group (Porsche) regarding the supply of the power unit, and indeed in talks with any other manufacturer willing to name the engine itself. RedBull.
“Having Max under contract with Oracle Red Bull Racing until the end of 2028 is a real statement of intent,” said Horner.
“Our immediate goal is to retain Max’s world championship title, but this deal also shows that he is part of the team’s long-term planning.”
“Now that the Red Bull Powertrains division is working on the new engine rules for 2026, we wanted to make sure we had the best driver on the grid secured for that car.”
In fact, Verstappen now has a longer contract with Red Bull than his team boss, a Horner who recently renewed his until 2026.
