Lewis Hamilton’s current contract with Mercedes is nearing expiry, there have been growing tensions within the team. The year is the mark of a decade-old partnership between the Brit and the Mercedes team that the former opened up about claiming it to be a risky decision that he had made to leave the successful McLaren team and join mid-table Mercedes. Hamilton shocked the motorsport community in 2013 when he debuted for the Silver Arrows at the Australian Grand Prix, finishing fifth.
Since then, the 38-year-old has become the most successful driver in the history of Formula 1, securing seven championships, 103 wins, 103 poles, and 191 podiums. Hamilton’s achievements are impressive, considering that many people thought he had made a career-damaging mistake by leaving McLaren for Mercedes.
10 years since Lewis’ first start for the Team in Melbourne, we’re heading back to Australia. 💛
— Mercedes-AMG PETRONAS F1 Team (@MercedesAMGF1) March 28, 2023
142 podiums, 82 wins, 77 poles and six titles later…
And we’re not done yet. 🙏 pic.twitter.com/2nC5G8Yazh
However, as Hamilton’s $73 million contract with Mercedes expires at the end of this year, doubts have surfaced about his future with the team, following their poor start to the 2023 season. Lewis Hamilton failed to finish higher than fifth in the first two races in Bahrain and Saudi Arabia, having suffered his first winless season with Mercedes in 2022.
In response, the Briton criticized the Mercedes technical team for ignoring his guidance on the development direction of the W14 car, with team boss Toto Wolff acknowledging that a change of car concept is necessary for the team to return to race-winning ways.
How much will Lewis Hamilton earn with his new contract in 2023?
While Lewis Hamilton is undoubtedly one of the most marketable athletes in the world, his demands are making it financially challenging for Mercedes to secure his signature. Despite both parties expressing a desire to continue their partnership, the financial implications of a new contract are staggering.
The Mercedes driver is currently earning around $50 million per year with the team and is set to receive a bonus of $25 million if he wins the championship in 2023. However, reports suggest that the new contract being drawn up will be worth over $403 million.
The British driver is asking for $25 million for ten years to act as a brand ambassador, which will see him earn a whopping $250 million. Despite the financial implications, Hamilton is determined to extend his contract with Mercedes for two more seasons beyond 2023, which will take him to the age of 40. However, for this to happen, he is demanding a salary of $70 million for those two years.
Christian Horner has ruled out a move for Sir Lewis Hamilton to join Red Bull, with the Briton’s contract at Mercedes expiring at the end of the season ✍️❌ pic.twitter.com/rR7vorQtry
— Sky Sports F1 (@SkySportsF1) March 23, 2023
Matthew Syed suggested in a column for The Times newspaper that Lewis Hamilton may have to choose between being loyal to Mercedes and seeking greater success with another team. He also went on to explain how the $70 million contract is a financial burden on the team while both its drivers have not been performing well and the issues with the livery that Hamilton has been protesting against.
As per Planet F1, Syed also explained how Lewis might not give up on the team anytime soon and said ”He will continue to bet on himself against the rigors of time and mechanical underperformance, seeking out the glimmer of opportunity that he’s so often found on the track.” The reporter also added that “It may manifest itself in a new design or a new team, but I don’t see this story petering out just yet.”
There have been speculations about Hamilton joining the Red Bull team but the rumors were put to bed by the team principal Christian Horner indicating that their current drivers are virtually irreplaceable.