To ward off interest from its Formula 1 rivals, McLaren will shell out a massive $20 million a year to Oscar Piastri with his new deal, according to a report.
Piastri’s former deal was approximately worth $6 million a year and ran until the end of 2026.
However, McLaren revealed on Wednesday morning in Australia, ahead of Piastri’s home Grand Prix, that he has received a multi-year extension.
This locks the Aussie to McLaren long-term and fends off interest from the likes of Red Bull with none other than Christian Horner expressing his admiration of Piastri in the latest season of Drive to Survive.
According to the Daily Mail, Piastri’s new deal is worth $20 million a year and supposedly features “accumulator clauses” that would see the Australian more year-on-year based on performances.
If the figure is valid, then Piastri is on a par financially to his team-mate Lando Norris, as well as Aston Martin veteran Fernando Alonso, who are both alleged to earn $20 million a year on their current contracts.
Red Bull’s Max Verstappen is F1’s highest earner with his salary reportedly worth $65 million per year.
Piastri explains mutual benefits behind McLaren extension
Piastri has made an instant impact on F1 during his first two seasons, taking podiums in his rookie campaign and his first two wins during his sophomore run in 2024.
His victories last year contributed to McLaren’s first Constructors’ title in 26 years and Piastri believes in light of that success “it made a lot of sense” for both parties to sign his new extension.
“It’s really exciting for me,” Piastri said of his new contract. “I still had two more seasons left, but we’ve gone early and extended it even further, so I’m really excited.
“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.”
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