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Red Bull issue Daniel Ricciardo August contract deadline

Red Bull boss Christian Horner has given Australian F1 ace Daniel Ricciardo until August to re-sign or the team will begin looking elsewhere. The Red Bull boss' demands follow revelations the 28-year-old has been in negotiations with Italian giants Ferrari.

Six-time Grand Prix winner Ricciardo has become the hottest free agent on the Formula One circuit following his victory in China 10 days ago.

"We do not want to wait forever. We have other good options," Horner told German magazine Auto Motor Und Sport. "There should be a decision by the summer (August) break at the latest.