Red Bull's Helmut Marko shares details of contract negotiations with Sergio Perez

Red Bull senior Helmut Marko recently shared an update on Sergio Perez's ongoing contract negotiations.

As the 2024 F1 season progresses, one of the drivers who is trying to secure his place in F1 is Perez. The Mexican's current contract with the defending world champions will run out after 2024. Several reports claimed that Checo was in talks with Red Bull for an extension, while others stated that the Austrian team was looking for a replacement.

In the first five races of the 2024 F1 season, Sergio Perez finished second in three races, only behind his teammate and reigning world champion, Max Verstappen. He has also received praise from Red Bull team boss Christian Horner for his performance in 2024 so far.

Speaking about Sergio Perez's future to Motorsport.com, Marko said that the team is in no position to finalize his contract extension. He added that the 2026 regulation changes do not play a factor in the contract negotiations, and stated that Checo understands that he needs to perform to secure his seat in Red Bull.

Helmut Marko later revealed that the Mexican racer wanted a three-year contract with the Milton-Keynes outfit.

"We are not yet in a position to finalize everything. But it has nothing to do with regulations. He knows he has to perform. At first, he wanted a three-year contract. But we will find a solution."

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Red Bull team boss joked about Sergio Perez's improvement being linked with his expiring contract

Red Bull team boss Christian Horner recently joked that Sergio Perez's improvement in the 2024 F1 season could be because his contract was running out.

Speaking in a press conference during the Chinese GP, Horner initially made the joke, but quickly dismissed it and praised Checo for his efforts.

“Probably because he's out of contract! No, I think he's worked hard over the winter. He’s come in with a change, perhaps, slightly to his approach to Grand Prix weekends and he's been very close in the four races so far this season, particularly at a track like Suzuka where last year he struggled quite a bit, but certainly this year he was very competitive,” Horner said.

After the race in Shanghai, Checo stands in second place in the drivers' championship table with 85 points.