Revealed: Mercedes insisting on giving Lewis Hamilton a £9mn pay rise in new contract

Lewis Hamilton's current contract with Mercedes expires at the end of 2023.

Lewis Hamilton’s new Mercedes contract is reportedly going to result in the seven-time World Champion competing in the next three seasons of Formula 1, with Sportune having all the speculated details.

According to the sports-business company, Hamilton’s new contract with the Silver Arrows is set to be worth £40 million per season, despite the 38-year-old having supposedly offered to remain on his current salary of £31 million a year.

Should he win the World Championship, though, then the 103-time Grand Prix winner will pocket an extra £22 million in bonuses.

The biggest question mark over his new deal was whether it would be just for the 2024 season or if it would also include 2025.

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Sportune are reporting that the deal will be for 2024 and 2025, meaning the British driver will continue to race in Formula 1 until he is 40 years old, something he previously explained he wasn’t too keen on.

Should Mercedes be able to offer the Stevenage-born driver a competitive car for the next three seasons then Hamilton could potentially retire as a 10-time World Champion, should he defeat the likes of Max Verstappen and Charles Leclerc.

Both Hamilton and Mercedes boss Toto Wolff have explained several times that a new contract will be signed over the winter break, with the likelihood now being that Hamilton’s signature on the contract is getting closer to being announced.

Hamilton’s demands for his new contract, though, aren’t just to do with racing, as the British driver’s biggest demand arguably is for Mercedes to contribute to his charitable foundation, Mission 44.

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The Mercedes driver already invests £7 million of his own money into the foundation every year, a sum that is set to be increased to £13 million a year with the support of the Germans, according to the report.

The report also suggests that Hamilton’s two-year contract extension might not be the full length of the deal itself, with the Brit supposedly being keen on a 10-year deal to keep him at the team as an ambassador.

This would see the British driver given £22 million by the owners of Mercedes-Benz, meaning the driver would continue to earn a substantial amount following his retirement from racing.