Sergio Perez recently signed a two-year (1+1) contract extension with Red Bull. This would effectively keep him at the Austrian stable until 2026, but the timing of the move is slightly surprising. The reigning Champions admitted that they would take time before announcing their future driver lineup. So why the haste? According to an ex-F1 Champ, it is to give Max Verstappen some ease of mind.
On the latest episode of the F1 Nation podcast, Hill said,
“If you want Max (Verstappen) to stick with you and be confident that he knows what the future’s going to be like. Then maybe signing Checo is a way of saying to him ‘Look this is what the future is going to be like. You’re not going to have a surprise new super quick teammate to worry about who might take a lot of attention.”
Im very sorry for my team, I let them down today. But we will come back no doubt. There’s a very long way to go
Me siento muy apenado con mi equipo. Hoy les fallé. Pero no tengo duda de que vamos a volver. Hay todavía mucho camino por delante #SP11 #CanadianGP pic.twitter.com/osT7UJ8h17
— Sergio Pérez (@SChecoPerez) June 9, 2024
It’s no secret the team is built around Verstappen. They’re doing everything they can to keep him happy. Happy enough to ignore all advances from other teams on the grid. This is exactly why the team was ready to let Perez continue despite his extremely poor qualifying output. In fact, some even believe the Dutchman could’ve had a direct role to play in his extension.
On the other hand, Perez’s underperformances have cost Red Bull points multiple times in the past; most recently in Monaco and Canada. If this continues and the competition at the front of the grid keeps increasing, Red Bull’s grip on the constructors’ championship might loosen over the course of the season.
But in addition to on-track performances, another metric was reportedly taken into account before Red Bull offered the Guadalajara-born driver a contract extension.
Sergio Perez’s massive financial impact on Red Bull helping them keep Max Verstappen
Verstappen could have played a role in keeping Perez at Red Bull, but the same could be said the other way around. Perez keeping his teammate is a possibility on the financial front. With his long list of endorsements (Disney, Telcel, Mobil, Claro, Nescafé, and KitKat), Perez brings in a massive amount of money.
As quoted by Planet F1, Ralf Schumacher highlights Perez’s contribution to Red Bull’s finances. He said,
“You shouldn’t forget, as long as Max Verstappen stays, that’s what I’ve heard at least once, the budget limits are relatively tight at Red Bull, and Perez brings money.”
The Dutchman is the best-paid driver on the grid as of now. Red Bull has to keep about $70 million aside just for the 3x champion and this is where Perez makes himself extremely valuable to the team.
