Lewis Hamilton has his contract with Mercedes expiring at the end of this season. The Briton hasn’t penned any kind of a contract extension to date even though both parties have spoken a lot about the same. However, a British Tabloid newspaper has recently claimed that Hamilton would be signing his renewal, worth $63,000,000, soon.
The fact that Hamilton has still not penned a new contract with Mercedes led to a plethora of speculations regarding his future in the team. One faction claimed that the Briton would be looking to retire after the season, while another faction claimed that he would be joining Ferrari next year.
⚪️✨ pic.twitter.com/SFcBYs0l5A
— Lewis Hamilton (@LewisHamilton) June 4, 2023
The fact that Mercedes has not been able to provide Hamilton with a car that can fight for the championship has propelled the rumors about their falling apart even more. Things got worse at the start of the season when Hamilton openly criticized Mercedes for not taking his advice while building the W14.
Lewis Hamilton en route to becoming the highest-paid driver on the grid?
Mercedes brought in some upgrades and put on a spectacular performance at the Spanish GP. That seems to have calmed a lot of nerves as team principal Toto Wolff reportedly claimed that they will draw up a contract renewal.
As per The Sun, the new contract that Mercedes will provide Lewis Hamilton will see him earn $63,000,000 a year. It is expected to be a multi-year deal, but lawyers have not yet approved the agreement. Mercedes is confident about the deal going through, but they know that it would still require some minor tweaks.
Toto Wolff commented on the topic and said, “It is going to happen soon, and we are talking more days than weeks.” Therefore, it is expected that Hamilton might sign his renewal before F1 heads to Montreal for the Canadian GP.
If Lewis Hamilton does sign up for a $63 million deal, he will overtake Max Verstappen and become the highest-paid driver on the grid. Verstappen has a contract with Red Bull that provides him with $55.3 million per year.
Hamilton’s monetary demands
Wolff had admitted earlier that one of the things that are stopping Hamilton from committing to his future with Mercedes is money. He had revealed, “This may be the only time in ten or eleven years that we’ve been together and our goals diverged.”
🗣️ "We dread the moment we need to talk about money!"
Mercedes team principal Toto Wolff admits Lewis Hamilton is just 'days' away from signing a new contract with the team 🏎️📝 pic.twitter.com/Xuj0nAy2x3
— Sky Sports News (@SkySportsNews) June 13, 2023
Toto also said that this issue is not easy to iron out since he feels awkward speaking to Hamilton regarding money. This is because both of them are very close friends. However, the new $63 million contract will definitely iron that issue out.
Mercedes back as a title challenger?
The recent performance by the Silver Arrows in Spain has left a lot of people thinking that maybe Mercedes are slowly regaining their lost form. Hamilton claimed P2 after starting from P4 and Russell sneaked into the last podium place after recovering from a P12 start.
However, the truth is that Mercedes still have a long way to go before they can think about catching up with the Red Bull. When Hamilton crossed the line to finish second, he was 23 seconds behind the untouchable Max Verstappen.
But it is true that the recent upsurge in performance at the Spanish GP will also help towards the renewal. Mercedes can now assure Hamilton that they are indeed trying their best to provide the Briton with a competitive car, and their efforts are showing, slowly but surely.
