There are reports in the Netherlands (from the very reliable De Telegraaf) that Max Verstappen has agreed to extend his deal with Red Bull Racing for a number of years.
The current deal runs until the end of 2023 but a new deal will mean that he will remain with the team for at least another four or five years. It seems that both parties have agreed terms for the new contract and it will presumably be announced once the paperwork has been completed and the contract lodged with F1’s Contract Recognition Board.
The word is that it could be worth more than $55 million a year, although it will likely include a element of bonuses that will take it well beyond that. Whether this will replace the existing deal or follow on from it remains to be seen. For the moment no-one involved is saying anything, but an announcement could happen within days.
This gives Red Bull a major asset as it plans for the future, whether that be with its own engines, or with a rumoured deal with Porsche from 2026 onwards. It is doubtful that a Porsche deal will have been concluded as yet as Porsche’s parent company VW is in the process of deciding whether to spin off the Porsche division to raise money to pay for its switch to electric cars.