Sergio Perez has signed a new two-year contract to stay at Red Bull in Formula 1 until the end of 2026.

The world champions have decided to stick with the Mexican, who joined the team in 2021, rather than switch him for Carlos Sainz, who is available following Lewis Hamilton’s decision to move to Ferrari from 2025.

Team principal Christian Horner said: “Continuity and stability are important for the team and both Checo and Max [Verstappen] are a successful and robust partnership.”

Horner’s decision comes despite a dip in form for Perez in the past three races in Miami, Imola and Monaco, where he finished fourth, eighth and crashed out on the first lap after qualifying 16th.

Horner said: “The past few races have been tough, there is convergence on the grid, but we are confident in Checo and look forward to his return to proven form and performance, that we so often see.”

More to follow.