Formula 1: Sergio Perez signs three-year contract extension with Racing Point

Sergio Perez has signed a three-year contract extension with Racing Point to keep him with the team through at least the 2022 Formula 1 season.

Sergio Perez has driven for SportPesa Racing Point, formerly known as Sahara Force India, since the 2014 Formula 1 season. Earlier this summer, he stated that he and the team were working on a long-term contract to continue that relationship.

Now the team have confirmed that the 29-year-old Mexican is set to return not just next season but in the following two seasons as well, as the two sides have agreed to a three-year contract extension.

They confirmed this news on Twitter.

Here is what Perez had to say about this contract extension, according to Formula 1.

"“I’ve been working together with this group of people for a long time now and they have become my second family. Together we have enjoyed a tremendous amount of success and we share the same passion for racing. I have been impressed with the direction the team has taken over the last 12 months and that gives me confidence for the future. I believe the best times are still to come and I look forward to celebrating plenty of podiums in the years ahead.”"

Here is what team principal Otmar Szafnauer had to add.

"“We know Sergio very well and it’s great to confirm him on a long-term deal. Over the last six years we have seen him become a very complete driver with excellent qualifying speed and exceptional race craft.“Sergio believes in the long-term vision of this project and getting his commitment until the end of 2022 gives us valuable consistency going forward. As the team continues to grow and develop it’s important to have a driver with Sergio’s level of experience, especially with new regulations on the horizon. The whole team is thrilled to continue working with Sergio and I believe we can enjoy great success together in the coming years.”"

Perez has driven in 167 races over the course of his Formula 1 career going back to his rookie season in 2011 when he drove for Sauber, where he remained in the 2012 season before landing with McLaren for the 2013 season. He has driven in 111 races for Racing Point.

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Perez has recorded eight podium finishes, including five driving for Racing Point, over the course of his career. While he has recorded two career-high second place finishes before, all five of his podium finishes for the team are third place finishes, and he most recently recorded a third place finish in last year’s Azerbaijan Grand Prix.

In the 2016 and 2017 seasons, Perez finished as the “best of the rest” driver in seventh place in the standings. Last season, he finished as the second “best of the rest” in eighth. This season, however, has been a bit of a struggle for him, as he sits all the way down in 16th on just three top 10 finishes in the first 12 races.

Last season, the future of Racing Point (Force India) was uncertain, and Perez played a big role in sending them into administration. This allowed a consortium led by Canadian billionaire investor Lawrence Stroll to purchase the team for $117 million.

Stroll confirmed Perez alongside his son Lance as the team’s drivers for the 2019 season, and it is believed that Lance is set to return to the team next year and beyond as well.

The confirmation of Sergio Perez at Racing Point for the 2020 Formula 1 season means that 13 of the 20 seats on next year’s grid have confirmed drivers. Assuming that Lance Stroll also becomes confirmed at his father’s team for next year, 14 of these 20 seats will have confirmed drivers.