Sergio Perez is set to receive a pay rise from Red Bull along with his new Formula 1 contract.
Two days after winning the Monaco Grand Prix, Perez's contract extension with the Austrian racing stable was announced, and RacingNews365.com understands that the Mexican will earn $10 million – equivalent to nearly £8 million – per year.
Perez will continue to drive alongside Max Verstappen for the next two seasons. His contract, which expired after the current campaign, has been extended until the end of 2024. Perez earned $8m before this, so he has received a salary increase of $2m with his new contract.
Perez and Red Bull contract negotiations started early
Negotiations between Perez and Red Bull started earlier in this Formula 1 season, around the time of the Bahrain Grand Prix in March. The Mexican was all but guaranteed an extension before the Monaco Grand Prix weekend, but the final touches were made in Monte Carlo.
Perez hinted at a contract extension before the podium ceremony in Monaco, with cameras capturing the moment when he told Team Principal Christian Horner he had signed up "too early".
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Perez the only driver from Latin America
Liberty Media, the owner of Formula 1, will be delighted with Perez and his extended stay at Red Bull. He is the only current Formula 1 driver from the Western Hemisphere driving for a top team, and is popular with fans on this side of the world.
In 2023, no fewer than six races will be held in the Western Hemisphere, with three races set to take place in the United States alongside Grands Prix in Canada, Brazil and, of course, Mexico.
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