Seven-time Formula 1 world champion Lewis Hamilton has revealed that he has agreed on the financial terms and length of a contract extension with Mercedes.
The negotiations between Hamilton and the team have been ongoing, with his current deal set to expire at the end of the 2023 season.
Hamilton remains adamant that the new contract will be confirmed well before the conclusion of the current Formula 1 campaign.
Hamilton’s confidence in finalising the contract aligns with Mercedes Team Principal Toto Wolff’s previous statements, where he emphasised that financial matters and contract length were not the reasons for the delay in reaching an agreement.
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When asked about Wolff’s comments ahead of the British Grand Prix, Hamilton confirmed their accuracy, stating, “That’s correct.”
Wolff had previously suggested that an announcement regarding Hamilton’s contract extension was imminent, but the subsequent silence surrounding the matter sparked speculation about the British driver’s future.
However, Hamilton dismissed any concerns about reconsidering the deal due to the team’s recent inconsistent form, stating, “That’s not what I’m thinking. Before the end of the season, we’ll already be well into the contract. I still have 100 percent faith in this team.”
Speaking on Sky Sports’ The F1 Show, broadcast live from the Silverstone grid, Hamilton provided an estimate of how much longer he intends to remain in the sport.
He expressed his hopes for an extended tenure, saying, “I’m hoping to be here a lot longer. I feel like I’ve got another five years in me at least, no? Let’s see.”
Mercedes has made significant changes to their problematic W14 car, introducing upgrades in May to move away from the ‘zero-sidepod’ concept they initially employed for the new era of design regulations in 2022.
While there have been signs of progress with consecutive podium finishes in Barcelona and Canada, a challenging weekend in Austria threatened to disrupt the team’s momentum.
Hamilton acknowledged the difficulties faced by the team but maintained his belief in their ability to overcome them, stating, “It is taking longer for all of us to get to where we want to be, and it’s definitely not easy, but I believe that we will get there.
“We’ve just got to continue to work and chip away at it, and that’s what we’re trying to do.”
While Red Bull’s dominance continued in Austria, winning all nine races so far this season, Mercedes also faced strong competition from Ferrari, who introduced upgrades in Spielberg.
Hamilton confirmed that Mercedes has brought a new front wing to Silverstone, hoping it will enhance their competitiveness at his home circuit.
He explained, “We have a new front wing, so it’s just one step, hopefully further in the right direction.
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“It’s not a huge, huge package or anything like that, but we’re just making step by step, hopefully trying to close down the gap.
“Obviously, Austria was not a nice weekend for us all, but that’s where we learn the most, that’s when we pull together the most as a team.
“I was in the factory on Tuesday and Wednesday with the team, and everyone was back in flat out, just focused on turning that negative into a positive here this weekend.”