Hamilton Reportedly Agrees £120mn Contract ‘In Principle’ With Mercedes

The COVID-19 pandemic and the congested 2020 F1 calendar have delayed Hamilton’s contract extension negotiations.

Lewis Hamilton has agreed a £120 million contract “in principle” with the Mercedes Formula One team which will see him stay with the Brackley-based outfit until the end of 2023, according to the Daily Mail.

The British tabloid reports that “a way through the impasse” in contract negotiations between Hamilton and the team has now been found.

READ: Verstappen & Vettel Disagree With FIA’s Hamilton Punishment

It was previously reported that Daimler, Mercedes’ parent company, was unwilling to meet the six-time World Champion’s salary demands.

Earlier this year, Hamilton outlined how he is approaching the negotiations with Mercedes:

“I’m not one to always just continue to do the same thing, so of course always looking at every detail, making sure every time I do my due diligence, making sure I understand that as we continue to grow together as a team that our values, goals and ambitions continue to stay aligned.

“So that’s what you generally go through, to see how things could work better, how you can both get more out of it – whether it’s performance with sponsors, performance on track and how we work with engineers, whether it’s more time in the sim, lots and lots of different things.

“Then once you get all those small details out of the way then it comes to the big questions,” he added.

Hamilton currently leads the Drivers’ Standings and is in a strong position to claim his seventh Championship to equal Formula One legend Michael Schumacher.

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And, with the technical regulations remaining fairly stable into 2021, there’s every chance that Mercedes will still have the strongest package on the grid next season, so the Brit could be able to win an eighth crown unless team-mate Valtteri Bottas becomes more of a threat.

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