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 £50million-a-year deal to drive for Mercedes in 2024 and 2025.

News of the two-season extension, confirmed by the team today, ends a protracted saga that has dragged on for months.

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

The eye-watering salary – a rise of some £10m – puts him on a par with Max Verstappen as one of the two highest-paid drivers in Formula One.

Hamilton began negotiations by demanding a long-term deal, of five years according to one informed source, but that wish has not been granted. Nor has early interest Ferrari been followed through as, in truth, Hamilton’s stock falls with age.

The Silver Arrows will hope to bring Hamilton a record eighth world championship by 2025

Mercedes announced George Russell will also stay at the Silver Arrows for the next two years – a deal that was signed and sealed some weeks ago but not announced until today. At 25, he does not wish to see the best years of his life waiting indefinitely to accede to No 1 status.

Hamilton, who has taken 82 victories for Mercedes and 78 poles since joining in 2013, said: We dream everyday of being the best and we have dedicated the past decade together to achieving that goal.

‘Being at the top does not happen overnight or over a short period of time, it takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team.’

Hamilton has not won a race since December 2021 – the longest barren run of his career – but remains hell-bent on winning the eighth world titles that alluded him so controversially in Abu Dhabi two seasons ago.

‘We have never been hungrier to win,’ he added. ‘We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again.

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

Mercedes announced George Russell will also stay at the Silver Arrows for the next two years

‘I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.’

Russell said: ‘I have grown up with this team ever since joining as part of the junior programme back in 2017. It’s my home and it feels fantastic to extend our special relationship through 2025.’

Team principal Toto Wolff, who has been promising news for months only to be held up by Hamilton’s reluctance to commit, said: ‘Continuing with our current driver line-up was a straightforward decision.

We have the strongest pairing on the grid and both drivers are playing a crucial role in the team to move us forward.

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

Mercedes principal Toto Wolff described keeping Hamilton as a ‘straightforward decision’

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‘Our partnership with Lewis is one of the most successful in the sport’s history. It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly.

‘His qualities as a pure racing driver are illustrated by his remarkable track record, but over our years together he has grown to become a pillar and leader of our team.

‘Those leadership qualities are crucial as we focus on fighting for world championships again.

‘As F1’s biggest global star, he has also played a key role in shaping our commitments to diversity, inclusion and sustainability, that will be foundations for our success in the years ahead.’