Extend Contract At Red Bull Until 2028, Verstappen's Salary Is Now The Same As Hamilton, Or Even More?

Red Bull Racing, Max Verstappen. (Doc. Red Bull)

JAKARTA - Red Bull Racing's Max Verstappen is now one of the highest-paid drivers in Formula 1 (F1). His pay is now equal to that of Mercedes driver Lewis Hamilton.

Verstappen's salary has now increased after he signed a new five-year contract with Red Bull. The 2021 F1 champion will stay with Red Bull until 2028.

The team based in Milton Keynes did not say how much the deal was in the new contract. However, a number of media say the Dutch rider will be paid 40-50 million euros per year.

He now has the same salary as Hamilton, whose contract with Mercedes expires next season. Hamilton's fee is reported to be worth 40 million pounds (approximately IDR 766 billion) per year, Reuters reports, as quoted by Antara.

The new deal also makes Verstappen one of the sport's hottest properties as the 37-year-old Hamilton nears the end of his career.

"Having Max signed with Oracle Red Bull Racing until the end of 2018 is a real commitment," said Red Bull boss Christian Horner.

"Our immediate focus is on defending Max's world title, but this deal also shows that he is part of the team's long-term plans."

Verstappen also feels happy to be able to extend his contract with Red Bull. He said it was a very easy decision to make.

"I really enjoy being a part of Red Bull Racing so choosing to stay until the 2028 season was an easy decision," said Max Verstappen on the team's official website.

"I love this team and last year was amazing, our goal since we were together in 2016 was to win the championship and we did that, so now is the time to keep this number one in the car for the long term."