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Red Bull have confirmed that Max Verstappen has signed a new long-term contract with the team ahead of the new Formula One season. The Dutchman, who will be looking to defend his Drivers' Championship title over the coming months, will now be paid the same annual salary as Lewis Hamilton after striking a lucrative deal worth around £40million per year.

The 24-year-old's stock has never been higher after securing his maiden F1 title in dramatic fashion at last year's Abu Dhabi Grand Prix back in December.

He voiced his desire to stay with Red Bull for the rest of his career shortly after the chequered flag dropped at the Yas Marina Circuit.

The Austrian outfit have since moved quickly to secure Verstappen's future by tying him down to a lucrative new deal that will see him become F1's joint-highest paid driver alongside