Red Bull has retained veteran driver Sergio Perez until the end of 2024, with the Mexican star signing a two-year contract extension.

Oracle Red Bull Racing has retained veteran driver Sergio Perez until the end of 2024, with the Mexican star signing a two-year contract extension.

The 32-year-old has a successful maiden season with Red Bull in 2021, finishing fourth on the drivers’ standings with five podium finishes, including a dramatic victory in Azerbaijan.

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But Perez has only improved since the F1’s new regulations were introduced in 2022, sitting 15 points behind teammate and reigning champion Max Verstappen on the drivers’ standings after seven races.

He has claimed four podium finishes this year, securing his first Monaco Grand Prix victory in Monte Carlo on the weekend.

“Since joining Oracle Red Bull Racing, Checo has done a fantastic job,” Red Bull boss Christian Horner said.

“Time and again he has proved himself to not only be a magnificent team player but as his level of comfort has grown he has become a real force to be reckoned with at the sharp end of the grid.

“This year he has taken another step and the gap to World Champion Max has closed significantly, evidenced by his superb pole position in Jeddah earlier this year and by his wonderful win in Monaco just last weekend.

“For us, holding onto his pace, race craft and experience was a no-brainer and we are delighted that Checo will continue to race for the team until 2024. In partnership with Max we believe we have a driver pairing that can bring us the biggest prizes in F1.”

Perez may have prematurely revealed the news on Sunday, with a slip of the tongue caught on camera at the Monaco Grand Prix.

While talking with Horner after his triumph, Perez was overheard saying: “I probably signed too early.”

When asked about the remark at the post-race press conference, Perez smirked: “I meant about the bottle of champagne. We’ll find out.”

Red Bull is currently leading the constructors’ championship, sitting 36 points clear of main rival Ferrari.

“For me, this has been an incredible week, winning the Monaco Grand Prix is a dream for any driver and then to follow that with announcing I will continue with the Team until 2024 just makes me extremely happy,” Perez said in a statement.

“I am so proud to be a member of this Team and I feel completely at home here now. We are working very well together and my relationship with Max, on and off the track, is definitely helping drive us forward even more.

“We have built tremendous momentum as a Team and this season is showing that, I am excited to see where that can take us all in the future.”

Perez first made his F1 debut with Sauber in 2011 and has since accumulated 1006 career points.

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