Pérez close to Red Bull contract extension

Sergio Pérez is close to agreeing a contract extension with Red Bull, with Helmut Marko suggesting that the driver market for 2024 could become clearer before the Spanish Grand Prix.

Pérez endured a disastrous ‘doubleheader’, following an eighth-place finish in Imola with elimination in Q1 in Monaco, before being involved in a heavy first-lap collision with Kevin Magnussen. The extent of the damage to his car was such that Red Bull consultant Marko estimated the repair bill at €3 million.

Nonetheless, sources indicate that Red Bull remains convinced that Pérez is currently the most reliable candidate to partner Max Verstappen in 2025. While Yuki Tsunoda has impressed this season, the ‘A-team’ managed by Christian Horner has no intention of promoting the Japanese driver; Daniel Ricciardo, so far this year, has been well short of his previous form. Moreover, it is understood that Carlos Sainz’s camp has been informed that he is not under consideration at the Austrian outfit. All signs point to Red Bull preparing to continue with the Mexican driver.

It is understandable that while Pérez sometimes struggles to match Verstappen’s pace, he consistently contributes to the team’s points tally when on form. Additionally, he does not create internal conflicts, maintaining a harmonious working environment alongside his teammate.

After the Monaco GP, Horner acknowledged that the team’s focus was on rebuilding Pérez’s confidence in the car.

“This weekend was brutal for him, and obviously, we need both cars scoring points because we can’t ignore the threat from Ferrari and McLaren in both championships,” said the Red Bull team principal.

“But Checo was very strong in the first six races, qualifying on the front row, getting second and thirds, scoring heavily. We just need to help him find his confidence again and not let this blip affect him too much.”

When asked if Pérez’s recent struggles might prompt Red Bull to take more time to consider its 2025 line-up, Horner was direct: “Absolutely not. I think it’s more about timing for us. We’ll make a decision when the time is right.”

Sergio Pérez, Red Bull Racing RB20

Photo by: Sam Bloxham / Motorsport Images

While Horner didn’t disclose when the right time would be, in light of Sauber/Audi’s deadline for Sainz, the driver market is expected to start seeing developments soon. Marko hinted that matters could become clearer before the mid-June Spanish GP and acknowledged that things are looking positive for Pérez.

“I think we should have a clear picture before Barcelona,” he told Motorsport.com. “I would say we will have a clear idea before that.”

The Austrian added: “His situation is good. I won’t say ‘pole position’, but it’s good.”

If Pérez’s future is settled soon, it will leave Sainz with decisions to make among other options, which will in turn impact the remaining seats on the F1 grid. Aside from Sauber/Audi, the most realistic alternative for the Spaniard appears to be Williams. However, each team presents its own trade-offs: Williams is currently in better competitive shape in the short term and offers Sainz flexibility if he still harbors ambitions for 2026; Sauber, currently last in the standings, would present a challenge to bounce back in 2025, but the prospect of becoming an Audi factory team in two years’ time is undoubtedly attractive.