The surprise reason why Red Bull has prolonged Sergio Perez’s contract!

New contract

On the 4th of June, Red Bull Racing signed their existing driver, Sergio Perez, to another multi-year contract until the end of the 2026 season.

Set to expire

According to the Formula One website, Perez's deal was set to expire at the end of this season, but they have decided to keep him on board for another two.

Poor year

In a car as fast as Red Bull's, Perez is having a poor year and going through a sticky spell in Formula One, having won no races and securing four podiums in nine starts.

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Has he done enough?

Perhaps people in North and South America feel he deserved the new contract, but for the rest of the world, Perez hasn't shown enough to be awarded a new contract in one of the top premier seats in the sport.

No faith in the team

According to the GP Blog, former driver Ralf Schumacher believes Christian Horner doesn't like the talent in the Red Bull junior team, and they don't have confidence in Yuki Tsunoda, Liam Lawson, or Daniel Ricciardo to fulfill Perez's position.

“Verstappen is relatively expensive”

Ralf Schumacher, who raced ten years in f1, said: "That's why they extended the contract for financial reasons, because Max Verstappen is relatively expensive, and Sergio Perez takes a lot of money thanks to his sponsors."

"Perez cannot perform"

"And now the ball is in Red Bull's court. They have to deliver now, and that brings us to Montreal. Because with the current car, Perez cannot perform as he did last year."

How much they earn

According to Front Office Sports, Max Verstappen earned $55 million (£43m, €50m) in 2023, making $10 million more than Lewis Hamilton in second. Perez was seventh on the list, earning $14 million (£10m, €12m).

Makes more sense

For Red Bull, it makes sense to keep Perez on financially as he makes more money from his sponsors, like Carlos Slim, than he does for his racing.

Perez as number two

Red Bull needs to keep Max Verstappen happy and if the team needs more money to make him stay, they can keep him tied down if Perez is number two. Since joining in 2021, Perez has won five Grand Prix races.

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