Lewis Hamilton’s contract talks with Mercedes may be one of the worst kept secrets in Formula 1 history, with both Hamilton and his Mercedes boss Toto Wolff being very open about the process.
The seven-time world champion’s contract expires at the end of this year and despite previously stating that he had no intentions to race into his 40’s, Hamilton is set to extend his current deal.
As a seven-time world champion, it would be expected that Hamilton is the highest earner on the current F1 grid, but this is not the case, by quite some margin.
According to RacingNews365.com, Hamilton’s current deal sees him bring in around £29m per season via his contract with Mercedes, something which will most likely increase when he signs a new deal.
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His 2021 championship rival Max Verstappen reportedly eclipses this figure however, with the now two-time world champion rumoured to be making £45m from Red Bull in 2023 alone.
A large portion of Hamilton’s income will come from sponsorships however, making the gap between Hamilton and Verstappen’s true earns much closer that in initially seems.
High-profile partnerships with the likes of Tommy Hilfiger and Monster Energy contribute to a large portion of Lewis Hamilton’s income, making his earnings from Mercedes only the tip of the iceberg.
Having experienced so much success in recent seasons, Max Verstappen’s commercial value has increased massively, with the Dutchman recently signing a deal to become partners with Dutch beer company Heineken.
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Some fans have grown concerned about Hamilton’s contract status in recent weeks, as no contract was signed over the winter break despite promises from all parties that the extension was simply a formality.
Toto Wolff has been quick to ease these concerns, explaining that because Hamilton spent a large portion of his winter in Antarctica, Mercedes were simply waiting for him to return to the UK for negotiations to begin.
Wolff has now claimed that he has had an initial conversation with his driver about extending his contract, meaning that hopefully a deal is not too far from being struck between Mercedes and Lewis Hamilton.