Max Verstappen is reported to have signed a record multi-year contract of €50 million with the Red Bull F1 team. The reigning champion reportedly signed the deal on March 1 at the Milton Keynes factory in England.
According to Dutch newspaper Telegraaf, the deal has already been signed and will be made official within the week. The Dutch champion is said to have signed a similar contract to Lando Norris, where he will continue with his current team until 2025-26.
A source from the Red Bull F1 team spoke to Jonathan McEvoy of the Daily Mail and said:
“It has all been agreed. Max [Verstappen] is staying for a long time, maybe even five years extra. It also equates to a substantial financial rise, virtually doubling his money.”
Telegraaf also reported that Verstappen’s manager Raymond Vermeulen had flown to Graz in Austria last month to speak with Red Bull’s talent scout and senior advisor Dr. Helmut Marko. The Dutchman was not due to renew his contract until the end of the 2023 season. His yearning to work with Red Bull, as he said on his victory lap when he sealed the 2021 title, has, however, forged a new multi-year deal with his team.
Max Verstappen’s new salary could be a result of Red Bull’s historic title sponsor deal
Red Bull’s ability to increase their star driver’s salary could be related to their historic deal with technology giant Oracle and cryptocurrency exchange Bybit. The Oracle deal was reported to be worth $500 million and the Bybit deal worth $150 million.
Both deals were historic because until now the Milton Keynes-based team lacked the financial resources that others like Mercedes and Ferrari had at their disposal. Financial figures involved in both the Oracle and Bybit deals automatically allowed the team to handout a star salary to their drivers, which was often the case with Ferrari and Mercedes, unlike Red Bull.
Max Verstappen’s current deal makes him one of the highest paid F1 drivers along with Lewis Hamilton. The Briton’s salary was reported to be $50 million a year when he re-signed with the Silver Arrows at the beginning of the 2021 season.