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Lewis Hamilton’s long-term future in Formula 1 looks likely to come with a healthy pay packet if reports out of France come to fruition.
A little more than a year ago, the Mercedes driver was rumoured to be on the verge of retirement.
Now, he looks likely to extend his stay on the F1 grid and later move into an advisory role with the Silver Arrows once his driving days are done.
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An enormous sum totaling $690.9 million is being touted by French outlet 20 Minutes that covers a 13-year stint.
If the report is to be believed, it may mean Hamilton retires at the end of the 2025 season.
Hamilton signed a $147 million, two-year deal in 2021 that sees him through to the end of 2023.
Raking in $94.40m across his salary and endorsements, the agreement saw Hamilton ranked 17th In Forbes’ highest-paid athletes earnings list in 2022.
With contract negotiations on the horizon, it’s reported the seven-time F1 champion is seeking a new deal worth $217.8 million.
That’s despite a dip in performance that saw him finish outside the top two in the drivers’ championship for the first time since 2013.
Hamilton was beaten by his Mercedes teammate George Russell – the pair finishing sixth and fourth respectively in the championship.
It marked the first time in Hamilton’s illustrious carrier that he went winless in a F1 season.
Beyond the $217.8 million two-year extension is an additional $389.6 million, 10-year contract to be a Mercedes ambassador
All told, it would amount to a $680.9 million sum over 13 years.
The bill is reportedly being fitted significantly by Jim Ratcliffe, the founder of multinational chemicals company INEOS, which is also a principal partner to Mercedes-AMG Petronas and one-third equal shareholder to the team.
While Hamilton may be one of the highest-paid F1 drivers of all time, he’s not raking in as much as the likes of Max Verstappen and Charles Leclerc in 2023.
According to the list compiled by RacingNews365, Verstappen is the most profitable driver on the grid with an estimated annual income of $86.3m. This is followed by Leclerc with $56.5m.
Mercedes boss Toto Wolff admitted that contract negotiations with Hamilton were yet to begin, but he was confident that the 38-year-old would recommit after returning from break.
“Lewis is part of the team, and the team is part of Lewis,” he told the Beyond the Grid podcast.
“(There’s) no reason not to continue.
“We are so aligned – in the last 10 years, our relationship has grown.
“It’s just a matter of him physically being back in Europe, sticking our heads together, wrestling a bit, and then leaving the room with white smoke after a few hours.”
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