'I love this team' - Verstappen's new Red Bull deal worth $268m

 • Formula One world champion Max Verstappen has just signed a new deal with Red Bull.  • The five-year contract will see him bank $268million. • Verstappen's salary now matches that of Lewis Hamilton.

Max Verstappen has committed his future to Red Bull by signing a new five-year contract extension worth a staggering $268million.

The deal, which could earn Verstappen as much as $54million-a-season, is arguably the most lucrative in Formula One history and will see the world champion remain at Red Bull until the end of 2028.

Verstappen's current contract, worth around $27m-a-year, was due to expire at the end of next season.

But the Dutchman, 24, has been rewarded for beating Lewis Hamilton to the title.

READ | Ka-ching! New title, new money - Max Verstappen signs bumper Red Bull deal

Verstappen's salary hike matches the 37-year-old Hamilton's $107m two-year Mercedes deal, which expires at the end of next season."I really enjoy being part of the Red Bull Racing team, so choosing to stay to the 2028 season was an easy decision," said Verstappen, who will begin his championship defence in 17 days at the opening Bahrain Grand Prix.

Mercedes boss Toto Wolff has long been an admirer of Verstappen, with Red Bull team principal Christian Horner claiming the Dutchman would be his rival's number one target when Hamilton retires.

But relations between the two parties became strained during last year's toxic title battle.

For his part, Verstappen, who made his F1 debut in 2015 when he was 17 before becoming the sport's youngest winner on his Red Bull debut a year later, has always said he will remain with the Milton Keynes team if they delivered a machine capable of fighting for world titles.

His new deal will take him into a 13th season with