The majority of the F1 world was shocked at Red Bull extending Sergio Perez’s contract beyond 2024. While the Mexican’s struggles have worsened since then, the Milton Keynes outfit still confirmed that they won’t drop him mid-season. Now, Formula E racer, Mitch Evans has hinted at the real reason behind Red Bull retaining Perez despite his underpar results.
Some reports suggested that Liberty Media intervened and urged Red Bull to reconsider dropping Perez, as the Mexican driver has a massive commercial value attached to him. After all, F1 is a money-driven sport and this is the real reason Perez has been dodging the bullets, according to Evans.
Red Bull wanted to dismiss Sergio Perez, but Liberty Media prevented it
Formula 1 rights holder Liberty Media asked Red Bull to reconsider the Perez dismissal. They feared a huge drop in revenue at the Mexican GP on October 27 without national hero Perez. But Marko hinted:… pic.twitter.com/xlbzB8LkZ8
— Marc | Formula 1 (@433_marc) July 30, 2024
SoyMotor quoted him as saying, “A lot of guys who get a chance bring money. Look at Sergio Perez, he’s still bringing money to Red Bull and you can’t compete against that. He’s not a bad driver, but you can’t compete against him. It’s hard to go up against a driver on merit.”
Before the summer break, speculation was rife about the Austrian outfit replacing the #11 driver with Daniel Ricciardo or Liam Lawson. Many expected that either of these two drivers could do a better job and thus they may get the chance.
However, Perez brings a lot of marketing visibility for Red Bull in Mexico and the Latin American markets. The 34-year-old’s sponsorship backing also contributes a considerable chunk of the cash inflow at the Milton Keynes outfit. So, owing to this commercial leverage, Perez’s relationship with Red Bull has a solid foundation beyond on-track performance.
Perez’s sponsorship money reportedly pays Max Verstappen’s salary
Red Bull made Verstappen the highest-paid diver in the sport after his 2021 championship win. The Dutchman reportedly earns $70 million per annum according to Forbes from his salary alone. However, after the summer break announcement, it was also highlighted that a large chunk of this money comes due to Perez.
As reported by Si.com, Perez’s endorsements help Red Bull fulfill the reigning champion’s salary commitments. Ralf Schumacher revealed, “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.”
So, not only is Perez bringing massive revenue to the sport thanks to his Mexican fanbase, but he’s also contributing toward his teammate’s salary. However, if Red Bull loses out on the championship, Perez’s situation might change.
