Lewis Hamilton’s new multi-year contract is speculated to be worth a mouth-watering £62 million per season, as the seven-time World Champion looks set to stay at the pinnacle of motorsport until at least 2025.
The jaw-dropping figure is according to sports business outlet Sportune, who have revealed that the 38-year-old is set for a £22 million pay rise; however, his new deal won’t include a bonus for winning the World Championship.
Whilst his current deal expires at the end of this year, his new deal is believed to cover the 2024 and 2025 seasons, with Mercedes boss Toto Wolff simply waiting for the driver to return from holiday to sign the contract.
Hamilton has been enjoying some downtime with celebrity friends in Antarctica, where he has shared videos of running alongside penguins on the freezing continent.
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Interestingly, the new deal will result in Hamilton competing in Formula 1 at the age of 40, something he has previously expressed to being against.
His outlook on racing into his 40s, though, changed last season, with the British driver having gone on to express his intent on signing a multi-year extension.
Wolff has also revealed on countless occasions that Hamilton could continue racing for many years to come, suggesting that 2025 might not be his final year in Formula 1.
The huge contract fee is reportedly going to be partly paid by Ineos, one of the team’s biggest sponsors.
Hamilton has a strong relationship with Ineos founder Jim Ratcliffe, who’s consortium he joined in an unsuccessful bid to buy Chelsea Football Club.
The Mercedes driver is also believed to be part of a consortium, including the British billionaire, trying to buy Manchester United Football Club from the Glazer family.
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Ineos will pay 90-percent of Hamilton’s new contract and will also fund the 103-time race winner’s charitable foundation Mission 44, something that the Mercedes star supposedly demanded ahead of negotiations.
This doesn’t look set, though, to be the only deal that Hamilton will put pen to paper too, with the driver also wanting a 10-year contract with the Daimler Group, who own Mercedes-Benz.
Hamilton is rumoured to be wanting a 10-year contract from them to become an ambassador for the manufacturer, at the small cost of around £22 million each year.