Red Bull has confirmed that defending world champion Max Verstappen will remain in the team until 2028 after signing a new contract.
The five-year extension is reported to cost $55 million a year, taking Verstappen's level with the figure that Lewis Hamilton is believed to earn at Mercedes.
After winning the championship last year, Verstappen said he wants to stay at Red Bull for life and the new deal, which is in addition to Verstappen's current Red Bull contract, which runs until 2023, will keep the 24-year-old in the team. until he turns 30.
"I really enjoy being part of the Oracle Red Bull Racing team, so staying in the 2028 season was an easy decision," Verstappen said. “I love this team and last year was just incredible, since coming together in 2016 our goal was to win the championship and we have done that, so now it’s about keeping number one on the car for a long time Is."
Red Bull team principal Christian Horner said Verstappen will be an important part of the team going forward, including a motivating factor as Red Bull plans to design and manufacture its own engines from 2026.
"Signing Max with Oracle Red Bull Racing by the end of 2028 is a genuine statement of intent," Horner said.
“Our immediate focus is on retaining Max's World Championship title, but this deal also shows that he is part of the team's long-term plan.
"With the Red Bull Powertrains division working towards new engine regulations for 2026, we wanted to make sure we had the best driver on the safe grid for that car."
Verstappen now has the longest contract of any driver in Formula One. Lando Norris recently signed a deal with McLaren until the end of 2025 and Charles Leclerc signed a deal in 2019 to keep him at Ferrari until the end of 2024.
Hamilton's contract with Mercedes runs through the end of 2023 and George Russell, who joins Hamilton at Mercedes this year, is being drafted as a long-term prospect for the team.
Verstappen made his F1 debut in 2015 at the age of 17 with Red Bull's junior team Toro Rosso, before moving on to the senior team at the 2016 Spanish Grand Prix, securing his first F1 victory.
Verstappen is defending his title in the first race of the new season in Bahrain on March 20.