Lewis Hamilton usurps Max Verstappen

Lewis Hamilton has signed a two-year ultra-lucrative contract with Mercedes for the 2024 and 2025 seasons.

Lewis Hamilton is believed to have regained the accolade of being Formula 1’s highest-paid driver, after it was confirmed on Thursday ahead of this weekend’s Italian Grand Prix that he’d signed a new two-year contract.

For the bulk of his F1 career, Hamilton has been the sport’s highest earner; however, he lost this position last season, when Max Verstappen signed his long-term deal with Red Bull.

Verstappen became the sport’s highest-paid driver when he agreed to race for Red Bull until 2028, as his new deal is worth a reported £43.4 million.

Hamilton has supposedly reclaimed the top spot at least in the financial table though, with The Telegraph having reported that the seven-time World Champion’s new deal is worth £50 million per season.

Want to work in Formula 1? Browse the latest F1 job vacancies

It means the 38-year-old will bag £100 million across 2024 and 2025, putting him back on top.

Ahead of the deal being agreed, ex-F1 driver turned pundit Martin Brundle shared his thoughts on Hamilton resigning with Mercedes and how the driver would likely be wanting to receive a similar paycheck to the Dutchman.

“I’m sure he would be asking for that kind of number,” Brundle recently said.

“He will value himself at the same as Max as a seven-time World Champion. And he knows he’s still got the speed.”

Article continues below

Hamilton and George Russell will lead the Silver Arrows until at least the end of 2025, when the 103-time race winner will have to decide whether he wants to continue racing into the new power unit regulations.

For now, though, he’s very much focused on catching Red Bull and Verstappen, something Mercedes are hoping to achieve in 2024.

Hamilton revealed in Monza that himself and the team have “never been hungrier to win”, with an unprecedented eighth world title being the ultimate goal.

READ: Mercedes explain Lewis Hamilton’s poor performance

“We have never been hungrier to win,” Hamilton said, as reported by the Express.

“We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again.

“I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.”