Red Bull has confirmed that Max Verstappen has signed a long-term contract extension that will keep the 24-year-old at the team until the end of 2028.

"I really enjoy being part of the Oracle Red Bull Racing team," said Verstappen, "so choosing to stay to the 2028 season was an easy decision.

"I love this team," he added, "and last year was simply incredible, our goal since we came together in 2016 was to win the championship and we have done that, so now it's about keeping the number one on the car long-term."

"To have Max signed through to the end of 2028 is a real statement of intent," added Christian Horner. "Our immediate focus is on retaining Max's World Championship title, but this deal also shows he is a part of the team's long-term planning.

"With the Red Bull Powertrains division working towards the new engine regulations for 2026 we wanted to make sure we had the best driver on the grid secured for that car."

The new five-year extension runs until the end of 2028 and is in addition to the original deal that covered the 2023 season.

Unsurprisingly, neither Verstappen nor Red Bull was willing to comment on media reports that the deal is worth £40m a year, which would make the 5-year extension to his original deal worth £200m.