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Red Bull Racing driver Sergio Perez's contract negotiations will be one of the key narratives of the 2024 F1 season as the Mexican driver's contract with the team expires at the end of the current season.
Perez joined the Milton Keynes-based squad in 2021 and he is currently in his fourth season with the team, during which he has racked up five Grand Prix wins. However, his 2023 campaign was marred by a mid-season slump, casting doubts over his future with the team.
Sergio Perez insisted that staying at Red Bull Racing was the priority and is aiming to secure a two-year contract. He explained that a multi-year contract would secure his future in F1's new era, considering the major regulation changes slated to be implemented in 2026.
"I think it's very logical for my next contract to last at least two years, because the rules change drastically in 2026. I think it makes no sense for a team nowadays to contract a driver for one year and then leave the door open, right? Especially next year, there will be a lot of development during the year, so it is important to be part of a long-term project," Perez said via ESPN Mexico.
The 2026 F1 regulations will see major changes to the power unit and the chassis, with the specifics for the latter yet to be published. This could shake up the pecking order, following Red Bull's dominance since the introduction of the ground effect regulations in 2022.
The Milton Keynes-based squad is also venturing into uncharted terrain in 2026 as it will introduce Red Bull Powertrains with the support of Ford. There is plenty of curiosity about how the new in-house engines will stack up against the competition.
Sergio Perez wants to be a part of Red Bull Racing's long-term project and is looking to secure a multi-year contract extension with the team.
Christian Horner is in no rush to confirm Sergio Perez's future
Ahead of the Chinese Grand Prix, the Mexican F1 driver suggested that the announcement of his contract renewal with Red Bull was imminent, expressing confidence that he would continue with the team.
Contrary to Sergio Perez's comments, Red Bull team principal Christian Horner suggested that they will confirm their 2025 driver lineup later in the season. When asked how close the team was to announcing their lineup, Horner said (via ESPN):
"Not very, I'm afraid...Of course, he [Perez] would like to make an announcement tomorrow, undoubtedly. We as a team aren't in a particular rush, we are in a fortunate position where many drivers obviously would like to drive for the team, but we are happy with the pairing that we have, we just want to make sure that the level of consistency Checo started the season with is maintained."
The Red Bull team principal praised Sergio Perez for his consistent start to the 2024 season but stated that they need to evaluate their options over the course of the season.
