Lewis Hamilton Contract

In a stunning move that has sent the Formula 1 world gasping, Lewis Hamilton announced his departure from the Mercedes F1 team after the 2024 season to move on to Ferrari. The seven-time World Champion, widely regarded as one of the greatest F1 drivers in history, replaced Carlos Sainz to form one of the strongest driver combinations coming into the 2025 season alongside Charles Leclerc.

Hamilton, who was with Mercedes since 2013 and has won six of those seven titles with the team, activated a release clause in his contract, which technically was set to end at the end of 2025. Ferrari, on February 1, 2024, announced that Hamilton signed a multi-year deal contract with them, signaling a new chapter in Hamilton's historic career. He will be laser-focused on getting that eighth championship title with Ferrari in 2025.

Lewis Hamilton Contract

Ferrari gave Lewis Hamilton some pretty enticing financial offers, and the deals were more than a driving salary, according to PlanetF1. To start, Hamilton rejected a two-year deal for a little over $50 million a season. However, Ferrari Chairman John Elkann reopened those talks by agreeing to finance his Mission 44 organization and a host of other perks.

Reportedly, the final agreed figures are:

• The salary for the 2025 season is over $87 million.
• Option to extend the contract up to 2026.
• Guaranteeing 25% of Hamilton's salaries through support for his Missions 44 initiative.
• Joint investment fund through Ferrari's Parent Company Exor $272 million + over ten-fold value comes back to him with representation as an ambassador.

Also read: Lewis Hamilton's Net Worth

Lewis Hamilton's Past Contracts

Lewis Hamilton joined Mercedes in 2013 after leaving McLaren and soon became a mascot for the revival of the Silver Arrows in Formula 1. Several multi-year big-money deals made Lewis Hamilton one of the highest-paid athletes on earth with Mercedes. His contract with the team is multi-year, commenced from the 2023 season, and is reportedly worth around $50 million and will run till the end of the 2025 season. This contract was deemed the last chance for Hamilton before the points where he may spend the rest of his years in his 40s. However, in the deal, a break clause set a point where he may take leave early, and he has used it to his advantage, now to Ferrari for 2025.

2013

• Contract Duration: three years
• Salary: Estimated at $20 million per year.
• Details: Promoted from McLaren, having taken an oversized leap.

2016

• Contract Duration: two years through to the end of 2018.
• Salary: Earmarked to receive $30 million per year.
• Details: The deal was increased based on successful seasons at Mercedes.

2018

• Contract Duration: two years through to the end of 2020.
• Salary: Estimated at $40 million per year.
• Details: The deal reflected Hamilton's status as the top driver after winning several championship titles.

2020

• Contract Length: one year. The contract was signed for the 2021 season.
• Salary: $70 million (including bonuses).
• Signed under the COVID-19 pandemic and stretched his contract.

2021

• Contract Duration: one year. The contract was signed for the 2022 season
• Salary: $70 million, including performance bonus
• Main driver and retained his place amidst the sturdiest season.

2022

• Contract Length: two years until the end of 2023
• Salary: $45 million per year.
• Details: Continued with Mercedes as one of their lead drivers.

2023

• Contract Terms: Multi-year extension that the deal was originally agreed to carry him up through the end of the 2025 season
• Salary: $45 million per year.
• Details: Signed an extension with Mercedes ahead of exercising a break clause to move over to Ferrari in 2025.

Hamilton with Ferrari

Hamilton's move to Ferrari could be the advent of a new era for the legendary team. The move also achieves a lifelong dream that Hamilton has always desired to drive for Ferrari, just like his childhood idol, Michael Schumacher. Ferrari will hope Hamilton's experience will help them challenge the Mclaren and Red Bull's dominance these days.

Also Read About: Lewis Hamilton's Retirement