Lewis Hamilton signs a new £50m-per-year, two-year deal to become the joint-highest paid driver in Formula One

Lewis Hamilton has signed a new £50m-per-year, two-year deal to become the joint-highest-paid driver in Formula One.

After months of speculation over Hamilton’s Mercedes future, the British racer signed a two-year extension to drive for Mercedes in 2024 and 2025.

The accompanying £50million-a-year salary, a rise of £10m puts him on a par with Max Verstappen as one of the two top earners in the sport.

“We have never been hungrier to win,” Hamilton said, after the contract was confirmed on Thursday ahead of this weekend’s Italian Grand Prix. “We have learnt from every success but also every setback.

“We dream every day of being the best and we have dedicated the past decade together to achieving that goal.”

“Being at the top does not happen overnight or over a short period of time,” Hamilton continued. “It takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team.

“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.”

The 38-year-old joined Mercedes from boyhood team McLaren in 2013 and has won six of his seven world titles under the guidance of boss Toto Wolff.

George Russell, who joined as Hamilton’s teammate in 2022, has also extended his deal for another two years.

“I have grown up with this team ever since joining as part of the junior programme back in 2017 – it’s my home and it feels fantastic to extend our special relationship through 2025,” Russell said.

“After stepping up to the Mercedes race seat last year, I wanted to reward the trust and belief that Toto and the rest of the team placed in me.

Taking my first pole position and race win last year was an unforgettable feeling. More importantly, though, it’s been great to work with everybody at Brackley and Brixworth to make progress with our car and push forward our development. Their loyalty, vision, and hard work are inspiring.

“We have made some significant steps over the last 18 months and are only getting stronger as a team. I’m excited to help continue to build on that momentum as we progress into 2024 and 2025 as we continue to focus on returning to the very front of the pack.”

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