Sergio Perez has announced his exit from the Red Bull Formula 1 team after four seasons with the squad.
As widely expected, the Mexican will vacate the seat alongside world champion Max Verstappen after a tough 2024 campaign in which he struggled for performance and dropped to eighth in the drivers' championship.
That lack of form had long left his future in doubt, despite him originally having signed a contract back in June that ran through until the end of 2026.
But following negotiations since the season-closing Abu Dhabi Grand Prix, Perez and Red Bull have agreed to end the deal and go their separate ways.
In a statement issued on Wednesday, Perez said: “I'm incredibly grateful for the past four years with Red Bull Racing and for the opportunity to race with such an amazing team.
“Driving for Red Bull has been an unforgettable experience, and I will always cherish the success we achieved together. We broke records, reached remarkable milestones, and I've had the privilege of meeting so many incredible people along the way.
“A big thank you to every person in the team, from management, engineers, mechanics, catering, hospitality, kitchen, marketing and communications, as well as everyone at Milton Keynes. I wish you all the best for the future.
“It's also been an honour to race alongside Max as a team-mate all these years and to share in our success. A special thank you to the fans around the world and especially to the Mexican fans for your unwavering support every day. We'll meet again soon. And remember…never give up.”
“I would like to thank Checo for all he has done for Oracle Red Bull Racing over the past four seasons,” Red Bull team boss Christian Horner said. “From the moment he joined in 2021 he proved himself to be an extraordinary team player, helping us to two constructors’ titles and to our first 1-2 finish in the drivers’ championship.
“His five wins, all on street circuits, were also a spectacular mark of his determination to always push to the limit. While Checo will not race for the team next season, he will always be an extremely popular team member and a treasured part of our history. Thank you, Checo.”
While there had been consideration of Perez retaining ties to Red Bull through an ambassadorial role, it is understood that this was eventually ruled out.
Perez joined Red Bull in 2021 and placed fourth, third and second during his first three years with the team, helping it win two constructors' titles.
But as rivals caught up with the Milton Keynes-based squad in 2024, his enduring difficulties to gel with the RB20 proved costly as the team slumped to third in the constructors' championship.
Despite season-long speculation about his future, Perez was always adamant that he would see out his two-year contract for 2025 and 2026, but at the Abu Dhabi Grand Prix he first hinted that talks over his future could yet spell an earlier departure.
Red Bull has not yet made any announcement about who will replace Perez, but his exit opens the door for it to promote one of its junior drivers from its sister Racing Bulls team.
New Zealander Liam Lawson is favourite to get the nod over the more experienced Yuki Tsunoda for the high-pressure seat alongside Verstappen.
Lawson's promotion would free up a slot at RB for Red Bull junior and F2 runner-up Isack Hadjar.
With no other seats available for 2025, Perez is set for a spell on the sidelines after 14 consecutive seasons in the series since his 2011 debut with Sauber.
Perez took a maiden grand prix win with Racing Point at the 2020 Sakhir Grand Prix, and added another five wins and three poles with Red Bull. His most recent win came last year in Baku, one of his 39 podiums in F1.
