Race winner Max Verstappen (NLD) Red Bull Racing celebrates with the team. 07.05.2023. Formula 1 World Championship, Rd 5, Miami Grand Prix, Miami, Florida, USA, Race Day.
Max Verstappen has been coy regarding the rumour that he was paid an estimated $70 million as a result of his record success during the recent 2023 Formula 1 season.
Red Bull announced on the eve of the 2022 campaign that the recently crowned World Champion had penned a long-term extension committing him to the team through 2028.
The contents of the five-year extension are touted to be worth $45m a year, elevating Verstappen into the position as the highest-paid driver on the grid for the first time ever.
Max Verstappen’s contract surpasses the reputed $35m seven-time champion Lewis Hamilton receives annually from Mercedes, with the Briton also signing a new deal last August.
However, the $10m margin between the 2021 title rivals extended over the past season owing to the comparative success the pair respectively sustained on the track.
Lewis Hamilton concluded the previous season winless amid Mercedes’ ongoing struggles under the latest regulation cycle, with Forbes reporting that he missed out on bonuses.
But Verstappen capitalised on Red Bull’s dominance to record 19 victories and 21 podiums from 22 races to earn an additional $25m on top of his base salary at Red Bull.
When asked to comment on speculation about the blockbuster financial package he received last year, Verstappen told The Times with a smile: “Maybe. I’m not sure.”
But with points from the past year reflecting the cost of each driver’s FIA Superlicense, the Dutchman’s total of 590 would set him back €1.2m to compete once more in 2024.
However,Max Verstappen confirmed to Dutch broadcaster Viaplay at the end of last season that Red Bull would cover the costs for him to be allowed to defend his title.
“The team pays that, fortunately,” he revealed. “I do think there should be some normal ratio in that. But you know, things like that get written down, and I don’t think anybody expected that there would end up being that many points scored.”
Max Verstappen has repeatedly expressed that he could elect to walk away from F1 at the expiry of his contract amid his disillusionment with the sport’s direction.
But the 26-year-old adopted a more positive tone regarding his future prospects, noting: “I’m not in a rush to decide. These kind of things might change in the coming years”.
Meanwhile, the three-time F1 title winner has also dampened expectations heading into 2024, admitting that he can’t expect to replicate the numbers he achieved last year.
“It can’t always be like that, I know,” he acknowledged. “The season we’ve had has probably been the best season in F1, in terms of statistics and records.”
