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Sergio Perez’s $10 Million Contract Extension That Forced Red Bull to Skip Oscar Piastri Train

Somin Bhattacharjee
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Sergio Perez's $10 Million Contract Extension That Forced Red Bull to Skip Oscar Piastri Train

Oscar Piastri, who is one of the biggest talents in racing today, signed for McLaren ahead of the 2023 F1 season. However, there were other teams, including defending champions Red Bull, who did their best to sign the young Aussie but were unable to land his signature.

When Alex Albon was sacked at the end of the 2020 season, Red Bull chose Sergio Perez as the Thai driver’s replacement. While Perez has been a valuable asset to the team as a number two driver, the gap between him and Max Verstappen has been huge. With Perez’s contract running out in 2024, Red Bull is looking to get Piastri to the team at last.

According to Business F1, Helmut Marko always preferred having Piastri over Perez. The 79-year-old rues on missing out on the Aussie, and before he knew it, Perez signed a two-year extension in 2022, before they could even talk to Piastri. This $10 million extension will keep the Mexican driver in Milton Keynes till at least 2024.

But Red Bull is known for being ruthless towards their second drivers. The likes of Pierre Gasly, Daniil Kvyat, and Alex Albon were all given the sack without much consideration. So what keeps Perez on the team?

Why won’t Red Bull let Sergio Perez leave early?

Perez’s contract extension was a huge relief for the Guadalajara-born driver. There were doubts about his future leading up to his renewal. Hence, signing the $10 million deal put his mind at ease and helped him focus only on racing.

However, his performances were not remotely as good as Verstappen’s. Last year, when Verstappen did not allow Perez to pass him for P6 in Sao Paolo, tensions between them were at an all-time high. The public opinion stated that Verstappen was in the wrong, but according to David Coulthard, the team would never prioritize Perez over Verstappen, even if it was for just two points after the title was sealed.

This is because of Verstappen’s superiority in terms of both driving and results. Nevertheless, Perez will remain with Red Bull until the 2024 season at least. His extension with Red Bull last season, will also bring in a lot of sponsorship money to Red Bull from his Mexican partners. This cash injection is something they do not want to lose out on. After 2024, however, the story could be very different.

Oscar Piastri all set to join Red Bull in 2025?

Piastri’s dramatic exit from Alpine in 2022 was followed with him joining McLaren. However, the Woking-based outfit aren’t in a good place, and are not expected to compete at the front for some time.

Marko, who is a huge fan of Piastri’s, will follow his career closely as he competes with Lando Norris at McLaren. If Piastri manages to defeat Norris, Red Bull will most certainly go for the Melbourne-born driver according to Business F1.

About the author

Somin Bhattacharjee

Somin Bhattacharjee

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Formula 1 Editor Somin Bhattacharjee fell for the sport as well as Fernando Alonso on the same day — during the Spaniard’s thrilling victory at the German GP in 2010. Over the years, the passion magnified manyfold, and metamorphosed into a writing career in 2021. Though holding a bachelor's degree in marketing, Somin discovered his true calling in writing. He has penned over 2,700 articles for TheSportsRush, presenting a diverse range — news reports, opinions, and exclusives. A true Tiffosi, Somin never gives up on a chance to defend the Ferrari boys as a fan. As a sports writer though, he remains objective to the core and relishes opportunities to follow and engage in dissecting the action during races. That’s where the real thrill lies for him. Beyond the racetrack, Somin plays different sports including soccer. He enjoys exploring other sporting events and proudly supports Spanish soccer club Real Madrid.

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