Max Verstappen has signed a five-year contract extension with Red Bull ahead of the 2022 season.
The Formula One world champion's previous deal was due to expire next year, but his team on Thursday announced that the 24-year-old will stay on until at least the end of the 2028 season.
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Verstappen claimed his first F1 title in 2021 by pipping Lewis Hamilton in controversial circumstances in Abu Dhabi.
The Dutchman 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."
Really proud to announce that @redbullracing will be my home until at least 2028. I love this team and I am very happy to continue this amazing journey we are on for a long time. We have accomplished so much together already but we are definitely not done. pic.twitter.com/ONWq32B835
— Max Verstappen (@Max33Verstappen) March 3, 2022
Hamilton had seemingly won a record-breaking eighth crown last year, but Williams driver Nicholas Latifi crashed with four laps to go in Abu Dhabi, leading to the safety car coming out.
When the race restarted there was only one lap remaining and Verstappen was able to start just behind his rival despite Hamilton previously having a significant lead over him. Verstappen’s car had been fitted with new tyres, enabling him to overtake the Mercedes driver and sensationally dethrone his rival.
Verstappen would have likely been in line for a new deal regardless of that incredible outcome at the Yas Marina Circuit, with Mercedes generally seen as the only team that could compete with Red Bull from a financial perspective.
Tension between the two teams in the 2021 campaign – not to mention Mercedes already paying Hamilton a fortune – made a switch to their rivals in the near future highly unlikely.
According to reports, Verstappen's new deal puts his earnings in a similar bracket to Hamilton, with the world champion apparently set to be paid €40-50million (£33-42m) per year – the seven-time champion is said to earn €48m (£40m).
Red Bull and Verstappen will be relieved to have such formalities out of the way in plenty of time ahead of the new season, which is due to begin with the Bahrain Grand Prix on March 20, the weekend after a second round of pre-season testing.
