F1 salary cap to deny Mercedes star Lewis Hamilton whopping £40 million per season?

The new Formula One rules could be a dealbreaker for Lewis Hamilton, as he currently weighs a contract extension with Mercedes. The rule changes will see the introduction of the F1 salary cap, which will force top earners like Hamilton and Sebastian Vettel to cut down on their wages from 2023. While Vettel has penned a new deal with Aston Martin, the 35-year-old faces a race against time to finalise his new contract with Mercedes. 

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Lewis Hamilton Mercedes deal in jeopardy after F1 salary cap approval 

According to a report by Sportsmail, Formula 1 have agreed to introduce a salary cap from 2023. The cap will be set at £22m ($30m) meaning Lewis Hamilton, who currently bags around £35m-a-year, is set for a huge pay cut. The 35-year-old is out of contract at the end of this season and was expected to sign a three-year deal which could see him earn around £40million per year.

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The six-time Formula 1 champion cannot earn the reported wages if the rules are ratified before he pens the new deal. If he signs terms prior to the rule being officially adopted, it is likely that he would still earn the agreed fee. Although the exact details of the F1 salary cap are yet to be finalised, sources told Sportsmail that employment laws would likely obligate teams to continue to pay the same wages set before the introduction of the new rules.

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The salary cap is an extension of the budget caps due to be imposed from 2022 on team spending, which were further given fresh impetus due to the coronavirus pandemic. The rule changes are intended to address the financial imbalance in the F1, between the bigger and the smaller teams. The introduction of new rules could also see Lewis Hamilton consider committing to Mercedes for a longer stretch, in a bid to earn maximum wages till the end of his career. 

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Lewis Hamilton net worth

According to Celebrity Net Worth, Lewis Hamilton's net worth is approximately a whopping $285million. Much of his net worth is boosted by his contract with Mercedes, along with championship winnings and endorsements. Forbes reports that the 35-year-old has endorsement deals with the likes of Bose, L’Oreal, Monster Energy, Puma, Sony, Tommy Hilfiger, and Vodafone among many others and earn more than $12 million a year from them.

The F1 legend has pumped up serious money into real estate, $44 million on a Manhattan penthouse in 2017 which was listed for $57 million last year. The Wall Street Journal reports that Lewis Hamilton acquired another penthouse, this time for $40.7 million, and became a neighbour of NFL legend Tom Brady and Gisele Bundchen. 

(Image Courtesy: Lewis Hamilton Instagram)