Hamilton’s salary increased after Mercedes contract extension
Lewis Hamilton will remain in the Mercedes squad for at least two years, it was announced yesterday. Hamilton has been driving for the team since 2013. According to The telegraph, the driver will earn around £ 40million per year with his new contract.
Due to the outbreak of the Covid pandemic, there have been financial implications for Mercedes’ parent company, Daimler. This forced Hamilton to accept a pay cut in his last twelve month contract. This was probably also one of the reasons that last year’s contract negotiations took so long, as they were only announced a few weeks before the start of the new season.
Hamilton gets his old salary back
With the new two-year contract, Hamilton is back to his old pre-pandemic salary. Until 2023, he will earn around £ 40million per season. This makes Hamilton the highest paid driver on the field.
It is not yet clear who will sit next to Hamilton at Mercedes. It’s unclear if this deal will be Hamilton’s last. He has already said that he cannot imagine he will run until he is forty. At the end of his current contract in 2023, Hamilton will be almost 39 years old.