Lewis Hamilton signs a new £50m-per-year, two-year deal to become the joint-highest paid driver in Formula One… with £10m rise keeping him with Mercedes until he’s 40

Lewis Hamilton has signed a £50 million a year contract to drive for Mercedes in 2024 and 2025.

News of the two-season renewal, confirmed by the team today, ends a long-running saga that has been dragging on for months.

It brings the seven-time world champion to the eve of his 41st birthday, extending his stellar career to a remarkable 19th season. There is no option for a third year under the terms of his new arrangement.

The eye-watering salary – an increase of around £10 million – puts him on a par with Max Verstappen as one of the two highest paid drivers in Formula 1.

Hamilton began negotiations by demanding a long-term deal, five years, according to an informed source, but that request has not been granted. Nor has the early interest in Ferrari followed suit, as Hamilton’s shares are in reality declining with age.

The Silver Arrows hope to give Hamilton a record eighth world championship in 2025

Mercedes has announced that George Russell will also stay with the Silver Arrows for the next two years – a deal that was signed and sealed a few weeks ago but only announced today. At 25 years old, he doesn’t want the best years of his life to wait endlessly before he achieves No. 1 status.

Hamilton, who has achieved 82 wins for Mercedes and 78 poles since joining in 2013, said: “We dream every day to be the best and we have spent the last ten years committed to achieving that goal together.

‘Being at the top is not something you do overnight or in a short period of time. It takes dedication, hard work and dedication and it has been an honor to go down in the history books with this incredible team.”

Hamilton has not won a race since December 2021 – the longest barren streak of his career – but remains determined to win the eighth world titles he so controversially alluded to two seasons ago in Abu Dhabi.

“We’ve never been so hungry to win,” he added. We have learned from every success and every setback. We will keep chasing our dreams, we will keep fighting no matter the challenge, and we will win again.

The deal makes Hamilton the highest-paid F1 star alongside Max Verstappen (pictured)

Team-mate George Russell said it is “great to extend his special relationship” with Hamilton

“I am grateful to the team that has supported me both on and off the track. Our story is not finished yet. We are determined to achieve more together and we will not stop until we achieve that.’

Russell said, “I grew up with this team since I was part of the junior program in 2017. It’s my home and it feels great to extend our special relationship through 2025.”

Team boss Toto Wolff, who has been promising news for months but has been held up by Hamilton’s reluctance to commit, said: “Continuing with our current driver line-up was an easy decision.

We have the strongest duo on the grid and both drivers play a vital role in the team to help us move forward.

“The strength and stability they provide will be key building blocks for our future success.

Mercedes director Toto Wolff described keeping Hamilton as a ‘simple decision’

“Our partnership with Lewis is one of the most successful in the history of the sport. It was always a formality that we would continue together – and it energizes all of us to affirm that publicly.

“His qualities as a pure racing driver are illustrated by his remarkable track record, but over the years he has become a mainstay and leader of our team.

“Those leadership qualities are crucial as we return to fighting for the world championships.

“As F1’s biggest global star, he has also played a key role in shaping our commitment to diversity, inclusion and sustainability, which will underpin our success in years to come.”