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Max Verstappen signs new contract to stay at Red Bull until 2028

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Why Max Verstappen has agreed to stay with Red Bull until 2028 (1:30)

Laurence Edmondson breaks down the new deal Max Verstappen has signed with Red Bull, making him a top F1 earner and matching with Lewis Hamilton. (1:30)

Red Bull has confirmed reigning world champion Max Verstappen will remain at the team until 2028 after signing a new contract.

The five-year extension is reported to be worth $55 million a year, moving Verstappen level with the figure that Lewis Hamilton is believed to earn at Mercedes.

After winning the championship last year, Verstappen said he wanted to stay at Red Bull for life and the new deal, which is in addition to Verstappen's current Red Bull contract that runs until 2023, will see the 24-year-old remain at the team until he is 30.

"I really enjoy being part of the Oracle Red Bull Racing Team, so choosing to stay to the 2028 season was an easy decision," Verstappen said. "I love this team and last year was simply incredible, our goal since we came together in 2016 was to win the championship and we have done that, so now it's about keeping the number one on the car long-term."

Red Bull team principal Christian Horner said Verstappen would be a key part of the team going forward, including as a motivating factor as Red Bull plans to design and manufacture its own engines from 2026 onwards.

"To have Max signed with Oracle Red Bull Racing through to the end of 2028 is a real statement of intent," Horner said.

"Our immediate focus is on retaining Max's World Championship title, but this deal also shows he is a part of the team's long-term planning.

"With the Red Bull Powertrains division working towards the new engine regulations for 2026 we wanted to make sure we had the best driver on the grid secured for that car."

Verstappen now has the longest contract of any driver in Formula One. Lando Norris recently signed a deal with McLaren through to the end of 2025 and Charles Leclerc signed a deal in 2019 to keep him at Ferrari until the end of 2024.

Hamilton's contract with Mercedes runs until the end of 2023 and George Russell, who joins Hamilton at Mercedes this year, is being lined up as the team's long-term prospect.

Verstappen made his F1 debut in 2015 at the age of 17 with Red Bull's junior team Toro Rosso before moving to the senior team at the Spanish Grand Prix in 2016 at which he took his first F1 victory.

Verstappen's defence of his title gets underway at the first race of the new season in Bahrain on March 20.