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Max Verstappen May Be Getting a Cool $76 Million a Year in New F1 Contract

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Formula 1 world champion Max Verstappen is reportedly on the verge of signing a huge new contract with Red Bull worth around €50 million a year, or $AU76.4 million.

Dutch journalist Erik Van Haren, who is reportedly close with the Verstappens, broke the news in the publication De Telegraaf and said the contract is for either four or five years.

Red Bull and Verstappen reportedly agreed to the contract details last week, however Red Bull have yet to confirm the news.

The 24-year-old Dutchman claimed the 2021 Formula 1 World Championship in controversial fashion after overtaking Mercedes driver Lewis Hamilton on the last lap during the final race of the season at Abu Dhabi.

The safety car was out and Verstappen pitted for soft tyres. Race director Michael Masi decided to bring the safety car in before the last lap, leaving Verstappen with fresh tyres to chase down and eventually overtake Hamilton.

After his victory at Abu Dhabi, Verstappen said he was happy to stay with his Red Bull Racing Formula 1 team.

“There is no reason to change (teams), ever. I want to stay with them (Red Bull) for the rest of my life and I hope they let me,” Verstappen said.

“I think they know I love them. And I hope we can do this for 10-15 years together.”

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Red Bull also seemed keen to keep Verstappen when earlier in the season team boss Christian Horner said he wanted Verstappen to stay with the company for many years to come.

“After all, for me, relationships are not just about the contract,” Horner said. 

“Neither does Max. When he joined our team (in 2016), he was a boy. Now he’s a man. He grew up with our team. The relationship we share, the trust, that’s worth more than any piece of paper.”

As the defending Formula 1 champion, Verstappen will change his car number from 33 to one for the 2022 season.

Horner said the change to number one has inspired everyone at the Red Bull team.

“I mean, sticking that number one on the car after all the pain that we went through last year, the fight that it was in 2021, and now the fight is to make sure we retain it on the car … it’s just energised everyone in the team,” Horner said.

“You can see a spring in everybody’s step and it gives people confidence as well, which is such an important thing in any sport – which is to not have arrogance, but confidence – and I think that runs through the organisation.”

Verstappen’s new deal will see him receive a massive pay rise, with his previous salary being approximately US$25 million ($AU34.3 million).

According to Forbes, Verstappen’s new contract will see him on the same financial level as his great rival Hamilton, who’s salary sits at US$55 million ($AU75.4 million) per season.

With Verstappen signing a new contract and a Formula 1 World Championship to his name, expect to see his fierce rivalry with Hamilton continue on for many years to come.

Picture of Joel Martelli
Joel Martelli
The only thing that Joel Martelli loves more than football (seriously, we wouldn't be surprised if he has a Wollongong Wolves tattoo) is writing about all things sports. With a Bachelor of Communications and Media Studies Degree specialising in Journalism, he spends his days uncovering breaking athlete news stories and diving deep into play-by-play strategies. We're glad that he's put his passion to the pages of Only Sports as one of our dedicated sports writers.

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