Lewis Hamilton is projected to start earning a staggering $100 million annually in 2025 as part of his new Ferrari F1 contract.
Seven-time Formula 1 world champion Lewis Hamilton shocked the sporting world on Thursday when news broke that he will be leaving Mercedes – the team he has been with for 11 seasons – for Ferrari.
The 39-year-old is entering into a multi-year contract with the intention of unseating Max Verstappen in the World Drivers’ Championship and breaking the record with eight title victories.
Formu1a.uno claims that Hamilton’s total earnings including his base salary, sponsorships, image rights and bonuses will amount to $100 million. With this, Hamilton will become one of the highest-paid drivers in Ferrari history, eclipsing Michael Schumacher’s record-breaking salary during his days with the automaker.
Furthermore, it is more than twice what Ferrari was prepared to pay him in May($50 million) as the details were exclusively leaked to Mail Sport and were strongly refuted at the time.
Hamilton’s move was reportedly influenced by promises of Ferrari’s performance besides the money at stake, according to formu1a.uno. According to the report, Ferrari promised Hamilton that the squad will be technically strong, especially with former Mercedes engineer Loic Serra set to arrive soon.
Ferrari is also looking to collaborate with Hamilton on a number of diversity-related issues that the seven-time world champion has prioritized recently.
Despite their sheer speed, the Scuderia’s unreliable engine hampered their 2023 season, making it impossible for them to keep up with Red Bull in the long run. But as the new engine regulations come in 2026, F1 teams will have a new beginning and Hamilton is hoping that this will result in at least one more championship for him.
Hamilton had previously stated that he wanted to remain with Mercedes, where he had secured his status as one of the most talented drivers to have ever graced the sport by winning six of his seven individual titles.
Although the specifics around Hamilton’s shocking move remain to be sorted out, Mercedes Boss Toto Wolff stated that although the move had been anticipated, it still caught the Silver Arrows off guard. However, it appears the seasoned racer will earn roughly $1 million less when he drives for Ferrari.
Hamilton reportedly made $55 million with Mercedes last season, according to Forbes but now, the 39-year-old British driver will earn $53.9 million in his debut with Ferrari according to La Gazzetta dello Sport.
Meanwhile, Max Verstappen earned $45 million in salary last season as three three-time F1 champion continues to dominate the sport together with Red Bull. However, Verstappen’s total value soared to an astounding $70 million with an extra £25 million in bonuses, well surpassing Hamilton.
Hamilton, who was previously the highest-paid driver in Formula 1 until Verstappen overtook him, will have to work hard to close the significant financial disparity.
