Lewis Hamilton and Ferrari announced at the start of this year that the Briton had signed a multi-year deal with the team, starting in 2025. However, none of the two sides disclosed the length of the contract until recently. Ferrari team principal Fred Vasseur recently revealed that Hamilton signed a three-year deal.
As per a recent post on X, Vasseur revealed Hamilton initially wanted the same three-year deal with Mercedes. However, the Silver Arrows wanted to give him no more than two years, with an option to extend to a second year after 2025.
“He had to make a choice. ‘Where do I have the best chance of winning the world championship in 2025, 2026, and 2027?’ And he said: ‘Ferrari'”, Vasseur explained. Vasseur also believes that Hamilton’s presence at Ferrari will help the team attract other talented individuals to join them.
#F1 | Fred Vasseur reveals that Lewis Hamilton signed for three years with Ferrari.
Lewis initially wanted these three years with Mercedes, but they only gave him a 1+1.
“He had to make a choice: ‘Where do I have the greatest chance of winning the world championship in 2025,… pic.twitter.com/8wx5d19vZV
— deni (@fiagirly) July 10, 2024
The Frenchman stated that while there are already a lot of good personnel at Ferrari, Hamilton’s presence will send a positive message in the paddock for the future of the team. In this manner, Ferrari more than understood Hamilton’s worth and, as a result, offered to pay him a fortune to join them.
Ferrari was willing to pay a fortune to get Hamilton onboard
John Elkann, Ferrari’s president, has always been a fan of Hamilton. Their relationship is based on friendship and appreciation. Elkann, who has long wanted to bring the seven-time world champion to Ferrari, reportedly offered the Briton a deal that is worth a whopping $446 million to convince him to join them.
Initially, Hamilton turned down a two-year deal which was close to $50 million per season. However, the negotiations picked up again when Elkann agreed to invest in Hamilton’s Mission 44 and offered him additional perks.
Based on what we are seeing, $446 million appears to have been a bargain basement price for Ferrari in getting @LewisHamilton
From F1inGenerale:-
Ferrari, according to Frédéric Vasseur, isolationism is not good in F1, and Lewis Hamilton will bring experience .
The Prancing… https://t.co/VOWHIQQSWo
— The Rainmaker (@WheelsandSticks) June 30, 2024
Hamilton’s contract with Ferrari reportedly pays him a salary of just over $87 million for the coming seasons. A quarter of this amount will go towards funding Mission 44.
Elkann has also offered to form a joint fund via Exor, Ferrari’s parent company, and this fund is worth over $272 million. Hamilton will serve as the ambassador for this fund. While it may seem like Ferrari had to empty the bank to get hold of Hamilton, signing him has already done a lot of good for the company’s brand by increasing its value.
