Red Bull has signed a five-year contract extension with world champion Max Verstappen, which would keep him with the team until at least the end of 2028.
The 24-year-old, who joined the team in 2016, won his first world title by beating Lewis Hamilton on the final lap of the season-ending Abu Dhabi Grand Prix in 2021.
His previous contract was set to expire at the conclusion of the season, but both parties were eager to extend what has turned into a very successful collaboration.
Verstappen said: “I really enjoy being part of Red Bull Racing, so choosing to stay to the 2028 season was an easy decision.
“I love this team and last year was simply incredible. Our goal since we came together in 2016 was to win the championship and we have done that, so now it’s about keeping the number one on the car long-term.”
The new contract is reported to be around €40-50 million (£33.3-41.7 million) each year, making it one of the most expensive in Formula One history.
Lewis Hamilton, a seven-time winner, is reported to earn over £40 million from Mercedes before his many endorsements are included in.
— Oracle Red Bull Racing (@redbullracing) March 3, 2022