There was doubt during the first eight races of the 2024
Formula 1 season regarding
Sergio Perez's future at
Red Bull Racing. However, both the Mexican and the Austrian team came to an agreement before the 2024
Canadian Grand Prix. But what contract extension have the two parties both agreed upon? And how long does that keep Perez at Red Bull? GPblog explains.
Perez's contract explained
Coming into the 2024 season, Perez's contract was due to expire at Red Bull, leaving him without a seat for the 2025 season. Having not won a race since the 2023
Azerbaijan Grand Prix and with some lacklustre performances to start the 2024 season, rumours were circulating as to whether the Mexican would be offered a contract extension to stay with his current employers.
But on 4 June, Perez and Red Bull came to an agreement on a
contract extension that keeps him at the current constructor champions. After there was talk of the two parties being hung up on the contract details, the pair agreed on a contract that keeps the Mexican behind the wheel of
Red Bull Racing for two more years, meaning Perez has a seat with the Austrian team until 2026.
The snagging point during the contract talks was that Red Bull were only keen to offer a year extension to Perez, whereas Perez wanted to sign a 'multi-year deal' that secured his future in the turbulent 'silly season' market of
F1.