Red Bull F1 and Sergio Pérez announce contract extension (2024)

The Formula 1 driver transfer market has been filled with conjecture for the past few months.

But another domino fell today in that market, and a massive one at that.

Red Bull ended months of speculation, accounting that the team had reached an agreement with Sergio Pérez on a new deal two-year deal:

While Pérez finished second in the Drivers’ Championship a season ago, and helped Red Bull to their second straight Constructors’ Championship, rumors followed the driver from circuit to circuit. A string of poor qualifying performances and questions about whether another driver in the RB19 could deliver a stronger performance led many to question whether Red Bull would replace him for this season.

The team stood by Pérez for 2024, but the questions about his future with the team lingered throughout the winter and into the start of the 2024 campaign. With drivers such as Daniel Ricciardo, Yuki Tsunoda, and Liam Lawson in the fold — and Carlos Sainz Jr. also an option given the 2025 lineup at Ferrari — Red Bull would certainly have options outside of Pérez.

Instead, the team is retaining Pérez for 2025 and beyond.

“Now is an important time to confirm our line-up for 2025 and we are very pleased to continue working together with Checo. Continuity and stability are important for the Team and both Checo and Max are a successful and robust partnership, securing our first ever one-two finish for the Team in the Championship last year. Checo has had a strong start to 2024 with second places in Bahrain, Saudi Arabia and Japan and then his podium in China. The past few races have been tough, there is convergence on the grid, but we are confident in Checo and look forward to his return to proven form and performance, that we so often see,” said Red Bull Team Principal Christian Horner. “Last year was a unicorn season and we will need to work hard to retain our titles, but we are assured in our line up and with the Team as a whole, which is imperative in what is shaping up to be a close fought Championship this year.”

“I am really happy to commit my future to this great Team, it is a challenge like no other racing for Oracle Red Bull Racing, both on track and off track. I am delighted to be staying here to continue our journey together and contribute to this Team’s great history for two more years. Being part of the Team is an immense challenge, and one I love. We have a great challenge this year and I have full trust in the whole Team that the future is bright here and I am excited to be part of it,” added Pérez. “I want to thank everyone for all the trust they are putting in me, it is a lot and I want to pay it back with excellent results on track, and off track. I think we have a lot of work to do, we have a lot more Championships to win together.”

The news eliminates one more option for drivers like Sainz who have yet to solidify their plans for 2025. The current Ferrari driver is the biggest free agent on the market heading into 2025, and is one of just five drivers with a win over the past season and a half, along with Max Verstappen, Lando Norris, Charles Leclerc, and Pérez.

There are also questions about what this could mean for some of the drivers in the Red Bull family, notably Tsunoda and Lawson. Dr. Helmut Marko noted recently that Lawson does have a clause in his contract that he can seen a seat elsewhere if a spot on the F1 grid is not available in the Red Bull family, and Tsunoda has also indicated that he is speaking with other teams regarding options for 2025 and beyond.

And with a seat at Alpine now available, could one of those drivers be in the mix? Could this news mean Red Bull sees some departures for next season?

The announcement is one more big step in solidifying the 2025 F1 grid. With the circuit heading to Montreal for this weekend’s Canadian Grand Prix, will another announcement follow?