The contract extension of Lewis Hamilton with Mercedes has sparked speculation and discussions. This has been going on for a long time. Perhaps now it will be over as the contract is finally getting extended for a long-term deal. Hamilton joined the Silver Arrows along with the Team Principal, Mr. Toto Wolff, in 2013.
From there on, the golden era of Mercedes began. Furthermore, from 2014 to 2020, Mercedes was undefeated, and the star of their dominating show was the undisputed seven-time champion, Lewis Hamilton. In 2021, one of the other two title contender teams, Red Bull, finally managed to get the better of the Silver Arrows by a small margin. With the same driver, Max Verstappen, Red Bull retained their title in 2022.
But this does not mean the undisputed champion from 2014 to 2020, Lewis Hamilton, has lost his edge. Fans believe he can come back strong and win the ultimate eighth title, making him the most successful F1 racing champion. Now apparently, the team management believes that, too, as it has come to light that the negotiations are being made and will see the champ stay part of the Silver Arrows for a very long time. Lewis Hamilton, 38, has previously expressed his desire to keep racing for three or more years. It seems like he would like to stay part of Mercedes as their brand ambassador even after he retires at age 40.
What Does The Contract Look Like?
According to the French newspaper 20 minutes, the Silver Arrows has offered Lewis Hamilton a contract extending till 2025 in which he will earn $76 million annually. Lewis Hamilton’s current base salary is $49 million. If the reports from 20 minutes are true, his salary will increase by 55%. This deal is equivalent to the amount Hamilton would receive if he wins another F1 title, including the bonus money, under the current ongoing contract that will end this year. The gist is that he will earn the exact cash annually, even if he doesn’t make it to another title.
Also, 20 minutes reported that Lewis Hamilton was trying to negotiate another contract. This would make him an ambassador of Mercedes. After retirement, Mercedes would pay him an estimated $270 million over a decade. If this happens, Lewis Hamilton will earn over $470 million for the next thirteen years, including the ongoing 2023 contract.
The Bond Between Hamilton And Ratcliffe
The same report by 20 minutes suggested that 90% of Lewis Hamilton’s salary based on the new contract would come from the wealthiest man in England, Mr. Jim Ratcliffe. Jim Ratcliffe is a long-time friend of Lewis Hamilton. Their friendship grew as Jim is the founder of Ineos, sponsor of the Silver Arrows team.
They have grown a good rapport with time and discussed the possibility of buying a soccer club. Chances are both might have their eyes on Manchester United, a famous club in the English Premier League. Discussions about this matter have been going on in the media for a long time too. The Glazer Family may finally give up their rights to the club. Then the Mercedes duo might take over the new rights of the club. Lewis Hamilton has always shown eagerness to popularize the concept of “black ownership”, which is lacking in sports. Lewis Hamilton is the co-owner of the Denver Broncos, a team in The National Football League.