Max Verstappen  has signed a new mega deal with Red Bull believed to be worth $50 million a year.

His arch rival and seven-time world champion Lewis Hamilton, who he dramatically beat to the title in Abu Dhabi last December is rumoured  to earn a salary of about £40m from Mercedes, minus his many endorsements.

The  24 year-old  new contract with Red Bull will lasts until the end of 2028 when he will be 30-years-old.

The Dutchman made his  debut aged 17 in the 2015 Australian Grand Prix for Toro Rosso and in 2016 was promoted to Red Bull.

Verstappen said: “I love this team and last year was simply incredible.

“Our goal since we came together in 2016 was to win the championship and we have done that. Now it’s about keeping the number one on the car long term.”

Red Bull enter a new era in 2022 following the departure of engine partner Honda from F1.

Red Bull have taken over the intellectual property for the engine and set up their own engine division on their campus in Milton Keynes.

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