Red Bull ready to sign new Formula 1 contract

Date published: February 18 2020

Red Bull RB16

Red Bull owner, Dietrich Mateschitz, has said the team are ready to commit their long-term future to Formula 1.

As it stands, not one team has officially signed up to continue in Formula 1 after the end of the 2020 season as teams, Liberty Media, and the FIA remain locked in negotiations over the major regulation overhaul which is on the horizon.

But Red Bull look like they are in a position to agree to the terms being set out and are ready to commit their own future to the sport.

“We haven’t signed anything yet,” Mateschitz told Speed Week.

“But it is only a matter of drafting details. I don’t expect any problems.

“Time is not running out as we have driven without a basic contract before. But everything is ready for signature.”

Mateschitz is also expecting no problems when it comes to renewing the contract that will see the Austrian Grand Prix remain at the Red Bull Ring in Spielberg.

“A project like this is intended to be long-term,” he added.

“Last year we extended MotoGP by five years. Chase Carey is happy to be with us and wants to continue the Austrian GP. So it will not be a big problem to extend.”

Mateschitz has also all-but ruled out making an attempt to re-sign Sebastian Vettel to the team next season after rumours circulated over the winter.

Follow us on Twitter @Planet_F1 and like our Facebook page.