Details emerge of Sergio Perez’s $10m Cadillac F1 deal – report

Between a basic salary rumoured to be $10m per season, matching his Red Bull deal, and incentives for points, podiums and potentially even race wins, Sergio Perez is smiling all the way to the bank with his new Cadillac F1 deal.

Details on Sergio Perez’s financial arrangements as he returns to the F1 grid have been reported in Mexican media.

Sergio Perez will return to the grid with Cadillac next season

Additional reporting by Thomas Maher

Eight months after Perez parted ways with Red Bull, released from his contract after a disappointing F1 2024 season, the Mexican’s comeback was confirmed when Cadillac announced that the six-time grand prix winner will partner Valtteri Bottas next season.

Cadillac F1 team principal Graeme Lowdon said: “Signing two very experienced racers like Bottas and Checo [Perez] is a bold signal of intent.

“They’ve seen it all and they know what it takes to succeed in Formula 1. But more importantly, they understand what it means to help build a team.

“Their leadership, feedback, race-hardened instincts and of course their speed will be invaluable as we bring this team to life.”

Cadillac did not confirm the contract lengths for either Perez or Bottas, simply stating that they will “lead the team into its debut season in Formula 1 in 2026”.

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But according to a report from Record MX, Perez has put pen to paper on a bumper deal that will see him feature amongst the highest-paid drivers on the grid.

“The arrival of Sergio ‘Checo’ Pérez to Cadillac Formula 1 has not been a cheap operation, but everything indicates that it will become a highly profitable business for the American team thanks to the enormous economic and commercial impact that the Mexican driver represents,” read the report from Mexico.

PlanetF1.com understands that Perez has signed a multi-year deal with Cadillac, with the reporting from Record MX suggesting the same. Added to that, the publication suggests he has a basic salary of close to $10 million, Perez’s deal allegedly on par with his previous Red Bull contract.

The driver will also reportedly earn bonuses through his results, such as championship positions, podiums and race wins, while his income will also be boosted by a percentage of the sales from official merchandise. That’s a boon for Perez, who was reportedly responsible for a good 60 per cent or more of Red Bull’s online merchandise sales.

However, PlanetF1.com understands that while the report is largely accurate, the claim that he will “retain” main sponsors including Telcel, Kit Kat, Maja and Patrón has been made prematurely, with discussions with the sponsors not yet having begun – Cadillac having been keen to sign Perez based on what he can offer as a driver, primarily, more so than the impressive sponsor roster he has boasted in the past.

Returning to the grid for what will be his 16th season in Formula 1, the former Sauber and Force India driver is facing a different challenge to his previous seasons as while he’s been with teams that are building themselves up, he’s never raced for a start-up.

“Joining the Cadillac Formula 1 Team is an incredibly exciting new chapter in my career,” Perez said. “From our first conversations, I could sense the passion and determination behind this project.

“It’s an honour to be part of a building a team that can develop together so that, in time, we will fight at the very front.

“Cadillac is a legendary name in American motorsport, and to help bring such a fantastic company to Formula 1 is a huge responsibility, one I’m confident of taking on.

“I’m proud to be part of such an ambitious and meaningful project from the very beginning.

“I’m really pleased to be part of such a dynamic line-up, and together I believe we can help shape this team into a real contender, the team of the Americas. We’re counting on support from across the continent – and we want to make everyone proud.”

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