Mercedes will pay Lewis Hamilton just £6mn per year under new contract

Mercedes boss Toto Wolff has previously admitted that Lewis Hamilton could remain in Formula 1 for several years.

Lewis Hamilton is reportedly set to receive the payday of a lifetime, with sports business outlet Sportune having revealed that the seven-time World Champion will regain his sport as the highest-paid driver on the grid.

According to Sportune, Hamilton will receive £62 million per year, as part of a new multi-year contract which will see the 103-time Grand Prix winner compete in Formula 1 in 2024 and 2025.

2022 was one of the first seasons since he joined Mercedes where Hamilton wasn’t the highest-paid driver, with Max Verstappen’s domination having earned him a pretty penny.

It’s important to note, though, that Hamilton’s new deal won’t include a bonus for winning the World Championship, something he’ll be hoping to do in 2023.

READ: Revealed: Lewis Hamilton’s net worth, salary and personal life

Mercedes team principal Toto Wolff has admitted that the duo haven’t sat down yet to get a new deal signed, with Hamilton currently enjoying a holiday in Antarctica.

It can be assumed that a deal will be signed, though, not long after the 38-year-old has returned from holiday, given that both Wolff and Hamilton have publicly expressed their intent on a deal being signed before the start of the season in Bahrain.

The new multi-year contract will, of course, mean that Hamilton will be racing in the sport into his 40s, something he has previously admitted to being against.

He’s since opened up to the idea of racing in the sport into his 40s, something Fernando Alonso has successfully done.

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Perhaps Alonso’s strong pace despite being 41, will encourage Hamilton to remain in the sport even beyond 2025; however, that likely won’t be known until 2025.

Supposedly, Hamilton will also sign a 10-year contract with the Daimler Group, the owners of Mercedes-Benz.

READ: Williams break silence on Porsche partnership

The British driver is believed to be intent on being a Mercedes-Benz ambassador even when he’s retired from racing, at the small cost of around £22 million a year!

Interestingly, Mercedes won’t be paying Hamilton much of his £62 million contract, with key sponsor Ineos set to contribute 90-percent of the driver’s new deal.

Ineos are also set to donate funds to Hamilton’s charitable foundation Mission 44, as part of the Stevenage-born driver’s new deal, something which Hamilton is believed to have demanded as part of a new deal.