Lewis Hamilton signed a new £100 million contract with Mercedes, giving him a significant eight-figure salary raise.
Lewis Hamilton and Mercedes announced the signing of a new contract agreement that will keep them together through the end of the 2025 Formula One season. George Russell’s future is also assured.
Previously, the seven-time world champion earned the highest basic salary among all the Formula 1 drivers. Max Verstappen made more money last season due to performance-driven upgrades, but now Hamilton has gotten himself a higher-paying contract.
Hamilton’s two-year contract extension ensures that he will remain with the squad through the completion of the 2025 campaign. In order to persuade him to sign, his already sizable salary went up by more than £10 million to over £50 million annually, making it the biggest salary ever paid to an F1 driver.
The contract announcement ultimately puts an end to conversations that have been going on for months despite both sides trying to reach an agreement. However, the stalemate did not arise due to whether Hamilton or Mercedes changed their positions, as both parties have consistently expressed a desire to strike a deal.
The length of the deal was one of the main issues. Mercedes hesitated to agree to Hamilton’s request for a longer-term contract. There was no option for either party to initiate a third year, but the generous paycheck offered helped to smooth that over.
Hamilton was unlikely to have changed teams if other teams, in particular Ferrari, had shown any real interest in him. If his devotion to the team wasn’t reason enough, the financial terms of his new Mercedes contract ensured that no one could challenge the 38-year-old’s commitment to the team.
Mercedes team boss Toto Wolff boasted about the drivers he had under his control after also extending George Russell’s contract until the end of 2025.
“Continuing with our current driver line-up was a straightforward decision,” Wolff said. “We have the strongest pairing on the grid and both drivers are playing a crucial role in the team to move us forward.
“Our partnership with Lewis is one of the most successful in the sport’s history. It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly.
“His qualities as a pure racing driver are illustrated by his remarkable track record – but, over our years together, he has grown to become a pillar and leader of our team.
“George is a leading light of his generation,” he added. “He has repaid the faith we showed in him when promoting him to a race seat in 2022.
“His maiden pole position in Hungary and first Grand Prix victory in Sao Paulo were standout moments last season.
“As a driver, he combines razor-sharp speed with the tenacity of a true fighter. But he brings, too, an intelligence and attention to detail that will help him to continue to grow, develop and improve further.”
