Max Verstappen's lucrative $16million Red Bull contract was 'agreed fairly quickly'

F1 Grand Prix of Singapore

Max Verstappen put pen to paper on a new deal keeping him at Red Bull until 2023, a contract which was hassle free, according to the Dutch driver's co-manager.

Reportedly worth $16 million-a-year, as per GrandPrix 247, the Dutchman could earn up to $64m from his new contract with Red Bull.

Raymond Vermeulen said the deal to keep Verstappen driving for Aston Martin Red Bull Racing until 2023 was "agreed fairly quickly" after a feeling of unfinished business with the team and Honda.

Having left Toro Rosso in 2016, at the end of the new deal, the 22-year-old would have spent eight years with Red Bull, with his father and team agreeing the best choice is to remain there.

“Max, Jos and I agreed fairly quickly that this was the best choice,” said Vermeulen, who co-manages Verstappen with the 22-year-old’s father Jos.

“We had the first non-committal conversation over dinner with Helmut (Marko) in Brazil,” he told the Dutch publication Formule1.

“Then it was a process. We held several internal discussions with each other about the short, medium and long-term vision.”

The development of Honda appears a big part of the decision to remain at the UK-based team. Having provided a power unit good enough to challenge Mercedes and Ferrari, it's understandable why its continued improvement would encourage Verstappen to stay.

It's also understood Verstappen's camp have ensured an exit clause be included in the contract should the Japanese manufacturer pull out after 2021.

F1 Grand Prix of Brazil

Vermeulen believes the car and manufacturer can help his man win a World Championship with Red Bull.

“We have every confidence about Honda’s development,” Vermeulen said. “We think we have unfinished business with Red Bull and Honda.

“Red Bull helped us get into Formula 1 and we also have a fantastic commercial partnership, but the most important thing is to win. Max also feels like a fish in water with the team,” he added.

The decision to commit to Red Bull so early has been backed by former drivers, including Mika Salo.

Salo told C More: “Red Bull has been able to guarantee Verstappen good money and a good car. They need Max.

F1 Grand Prix of USA

“I think the situation is satisfactory to Max in every way so it was quite expected. Now he can concentrate on the season.

“He knows it will be hard work for the next three years. The agreement gives everyone security,” Salo added.

Verstappen's contract agreement comes ahead of an exciting year in Formula One, with its two highest paid drivers both out of contract in 2021.

While it's expected Lewis Hamilton will sign an extension with Mercedes, the future of Sebastian Vettel is uncertain after rumours the German will quit Ferrari at the end of the upcoming season.

News Now - Sport News