Red Bull Faces Sponsorship Blow as Key Sergio Perez Backers Consider Exit

Sergio Perez’s abysmal 2024 season has been one of the several backstories in Red Bull’s tumultuous campaign. Adding to the drama behind the scenes is that Telmex, one of Perez’s biggest financial backers, could now consider leaving the Milton-Keynes-based outfit over reports of an alleged betrayal.

Rivalries exist not just in F1 but even in the business world. Telmex is one of Mexico’s largest telecom companies. It is owned by Carlos Slim, a billionaire who has supported Perez’s career for years. But Red Bull recently teamed up with AT&T, an American company that Telmex considers a competitor.

“We are still talking to the team; it is not yet final,” Slim said to ESPN Mexico when asked if Red Bull’s move would jeopardize Telmex’s partnership with them.

Slim’s company joined Red Bull because of Perez, pouring millions into the team through sponsorship. While not officially stated, this backing has certainly been one of the reasons the Guadalajara-born driver has managed to hold onto his seat at Milton Keynes for so long, despite underperforming and scoring less than half the points of his teammate Max Verstappen in both 2023 and 2024.

But that doesn’t mean that Slim is leaving because of Perez’s shortcomings. If anything, he plans on remaining loyal to the 34-year-old.

Telmex to continue with Perez

Perez is P8 in the championship, 204 points behind the leader — Verstappen. He has not finished in the top five since May and has cost the Austrian squad plenty of points in its bid to retain the Constructors’ title.

While Red Bull did give Perez a two-year contract extension, his performances have barely improved. In fact, in Mexico City, ahead of his home Grand Prix, Perez crashed out of Q1, setting up the stage for yet another difficult outing.

@SChecoPerez y @Carlos_Slim_D pic.twitter.com/Bhad1NoNV2

— Sergio Pérez Fan Page (@ChecoFanPage) August 9, 2021

These factors could lead to him getting sacked in the coming weeks and months, but Perez will still be tied with Telmex, who don’t have plans of parting ways with him. “We always want to continue with Checo,” Slim said.

“If we can’t get on with the team, we will continue with it [Perez] anyway. Wherever he drives, we will be with him,” the 84-year-old concluded.