Red Bull advisor Dr Helmut Marko has said that the rarity of the contract length given to Max Verstappen shows the importance he holds within the team.
The Dutchman claimed his maiden world title in dramatic fashion at last year’s Abu Dhabi Grand Prix, and has since been rewarded with a new deal that runs until the end of 2028, extending his stay beyond 2023.
The new deal is set to be worth $50 million a year, meaning the 24-year-old stands to earn $250 million by the end of the term, according to Dutch journalist Erik van Haren, who is close to the Verstappen family.
Dr Marko did not want to disclose any specific numbers surrounding the new agreement, but maintains that both sides are pleased with the outcome of negotiations.
“I will not comment about numbers. I can only say that both sides are and will be satisfied,” he told Auto Bild.
He emphasised that such a unique and almost unprecedented contract extension is indicative of the unrelenting faith the Milton Keynes side have in the new world champion.
“The term of the contract shows how much we value Max. Normally, Red Bull doesn’t make deals that long,” he affirmed.
“It’s no secret that character is a quality that is extremely important at Red Bull.”
The 78-year-old previously remarked that the financial implications of Verstappen’s success last year made it the “most important” one yet, and team principal Christian Horner recently suggested that the pinnacle of motorsport has never been more investable due to the end of Mercedes’ seven-year stranglehold on the Drivers’ Championship.
Max’s father Jos, who managed two podiums with Benetton in 1994, reiterates that the 24-year-old is partly responsible for the rise in financial interest in the sport.
“You’ve all seen the big implications Red Bull has made this winter, and Formula One itself is on the rise,” he said, quoted by essentiallysports.com.
“I’m not saying it’s just because of Max, but he definitely plays a big role.
“Max deserves it too. He’s the best driver on the market right now.”
Verstappen will continue to partner Sergio Perez this year, and the Mexican is out of contract at the end of 2022.