In a strategic move to ward off competition from its Formula 1 adversaries, McLaren is reportedly planning to splurge a whopping $20 million per annum on Oscar Piastri as part of his renewed contract. Previously, the Australian driver was signed on a deal worth approximately $6 million a year, set to expire at the end of 2026.
However, in an announcement made on a Wednesday morning in Australia, right before Piastri’s home Grand Prix, McLaren disclosed that the prodigy has been bestowed a multi-year extension. This strategic move not only ensures Piastri’s long-term commitment to McLaren but also deters potential interest from other teams, including Red Bull. Notably, Red Bull’s Christian Horner has been vocal about his admiration for Piastri in the recent season of the popular series, Drive to Survive.
As reported by the Daily Mail, Piastri’s updated contract is valued at $20 million annually and is said to include “accumulator clauses”. These clauses potentially provide the young racer with a yearly increment based on his on-track performances. The veracity of this figure, however, is yet to be confirmed by McLaren.
If the reported figure holds true, it puts Piastri’s financial standing on par with his McLaren teammate, Lando Norris, as well as the seasoned Aston Martin driver, Fernando Alonso. Both racers are believed to be earning $20 million a year under their existing contracts. In comparison, Red Bull’s Max Verstappen, the highest earner in F1, reportedly draws an annual salary of $65 million.
Oscar Piastri, who has been making waves in the F1 circuit with his consistent performances, has opened up about his decision to extend his tenure with McLaren. The Australian driver’s impactful presence in his first two seasons, including podium finishes in his debut campaign and his inaugural two wins in his second season in 2024, proved instrumental in McLaren’s first Constructors’ title triumph in 26 years.
Commenting on his extended contract, an elated Piastri said, “It’s really exciting for me. I still had two more seasons left, but we’ve gone early and extended it even further, so I’m really excited.” He further added, “Obviously, last year was a phenomenal year. Even my first year with the team started on a bit of a low, but we found our feet halfway through the season. I think for myself and for the team in both directions it made a lot of sense to try and lock our future together for the long term. So I’m very excited to be in papaya for many, many years to come now, and, yeah, hopefully more success coming our way.”
McLaren, evidently thrilled about retaining Piastri, has made bold claims about having the ‘best driver line-up in F1’.
