Lewis Hamilton Mercedes contract: How much is Hamilton's new Mercedes deal worth?

On Monday, Mercedes confirmed that seven-time F1 champion Lewis Hamilton has signed a new one-year contract extension with the team to formally confirm his place on the Formula 1 grid for the 2021 campaign. The 36-year-old had previously opted to postpone talks of a contract extension late in 2020 in order to focus on his championship bid but has now finally put pen to paper on his new deal with the English manufacturer. Although Mercedes haven't revealed the financial details of Hamilton's new contract, the English racer is set to rake in a reported £40 million over the upcoming season. 

ALSO READ: Indian Racing Star Jehan Daruvala Names Role Model On Twitter Q&A And He's NOT From F1

Lewis Hamilton Mercedes contract: F1 legend agrees one-year extension with Mercedes

Although Lewis Hamilton had been a free agent since his previous two-year contract with Mercedes expired on the last day of December 2020, the F1 icon has finally agreed on a new blockbuster extension with the English manufacturers. Negotiations over Hamilton's new contract started in December last year and have been the source of extensive speculation as they have been dragged out over the past two months. Hamilton, who has driven for Mercedes since 2013 and won six of his seven F1 titles with the team, had previously always signed multi-year deals with the English manufacturer but on this occasion, has only committed to one more year.

While Mercedes haven't disclosed the financial agreements over Hamilton's new deal, reports from The Mirror claim that the reigning world champion is set to earn around £40 million for the year through his new contract. Hamilton's new deal is likely to see his salary increase by £5 million this year as he had previously signed a two-year deal worth around £70 million with the Silver Arrows in December 2018. Notably, the deal includes a commitment from both parties to create a joint charitable foundation, which Mercedes say "will have the mission of supporting greater diversity and inclusion in all its forms in motorsport".

ALSO READ: F1 Negotiations With Australian GP Are 'live And Active'

Hamilton equalled Michael Schumacher's record of seven F1 titles last year and will now be attempting to rewrite history by surpassing the German legend with Mercedes for the upcoming season. He will partner with Valtteri Bottas, whose one-year extension with Mercedes was announced last August. The first race of the Formula 1 2021 season will get underway in Bahrain on March 28, with Hamilton due to take to the track for the first time in 2021 two weeks earlier at pre-season testing.

ALSO READ: F1 Chief Not In Favour Of Vaccinating Drivers Despite Races In Coronavirus-hit Countries

Lewis Hamilton net worth details 

According to reports from Celebrity Net Worth, Lewis Hamilton's net worth is a reported $285 million. His career earnings have come through his F1 career, where he has raced for McLaren and currently Mercedes. According to Forbes, in 2020, Hamilton earned a reported $54m of his salary at Mercedes, as well as bonuses and endorsements.

ALSO READ: F1 Season To Start In Bahrain After Australian GP Postponed

Image Credits - F1.com

Disclaimer: The above information is sourced from various websites/ media reports. The website does not guarantee 100% accuracy of the figures.