A Look at F1 Legend Lewis Hamilton’s Rumoured Salary in The New Ferrari Contract

After 11 years, six world championship titles and a bundle of memories, Lewis Hamilton has decided to leave the Mercedes-AMG Petronas team at the end of the 2024 Formula 1 season. The news broke on the evening of Thursday, 1 February, and has sent shockwaves all over the motorsport world. Naturally, there is considerable interest revolving around Lewis Hamilton’s contract with the Ferrari F1 team, and the salary he is likely to earn from the new partnership.

The Briton, who turned 39 on 7 January 2024, has become synonymous with the Mercedes brand when it comes to F1. Therefore, the decision to leave the outfit before the start of the 2025 season came as a shock to a vast multitude of Formula 1 fans around the globe.

However, some are also of the opinion that Hamilton’s exit was always on the cards and they are citing two reasons to back this theory. First, the British driver signed a two-year deal in 2023 where the second year was optional, meaning that Mercedes made a provision for Hamilton to leave the team at the end of the 2024 season. In hindsight, this probably was the biggest indication that the Toto Wolff-owned constructor side was not too keen to continue with an ageing driver.

The second theory originates from the house of Ferrari. While the Italian outfit signed a multi-year contract extension with Monegasque driver Charles Leclerc, they did not provide any clarity on Carlos Sainz Jr.‘s future, keeping fans in the dark and making them speculate about the possible new destination of the Spanish racer. With Hamilton and Ferrari shaking hands to commence a new partnership, Sainz took to social media platform X (formerly known as Twitter) to announce his departure from the Italian team following the end of the 2024 season.

pic.twitter.com/WbedglDjGT

— Carlos Sainz (@Carlossainz55) February 1, 2024

Now, let us take a closer look at all the details of Lewis Hamilton’s contract with Ferrari, including rumours about his new salary and what this deal could mean for the Italian F1 outfit.

What we know about Lewis Hamilton’s contract with Ferrari and his potential impact on the team

Looking at Lewis Hamilton’s rumoured salary from Ferrari

The exact details of Lewis Hamilton‘s contract with the Ferrari F1 team, including his salary, have not been disclosed yet. However, multiple reports suggest that John Elkann, the chairman of Ferrari, has offered the Briton a deal worth around USD 51 million per annum.

If the figure is correct, the new contract will see Hamilton taking a pay cut starting from 2025. According to Forbes, Lewis Hamilton earns USD 55 million from his current contract with the Mercedes-AMG Petronas F1 team.

However, some experts believe that the British driver will be reluctant to agree to a deal which pays him less than his current contract. A few of them even suggested that a figure close to USD 80 million per annum would be what Hamilton is looking for, thereby becoming the highest-paid F1 driver in History. For context, Max Verstappen earns USD 60 million annually from his contract with the Red Bull Racing team.

Sadly, given that he is nearly 40 years old, and might not be an active F1 racer for long, the USD 80 million contract is highly unlikely for Hamilton, even with Ferrari announcing a multi-year contract with him.

How can Lewis Hamilton impact the Ferrari team?

In the past, Lewis Hamilton has often flirted with the idea of driving the iconic red Ferrari race car one day. Add to this his well-known admiration for yesteryear motorsport legend Ayrton Senna, who was slated to join Ferrari in the 1995 F1 season before his tragic death, and the Briton’s decision starts making a lot more sense.

Then there’s the fact that Hamilton’s career has become stagnated since his world championship win in 2020. With his age catching up with him, it won’t be long before he has to hang his boots for good. The Briton himself has previously mentioned that he is reluctant to race in his 40s. Therefore, he will be looking to win his elusive eighth world championship title soon and claim his throne as the undisputed king of F1. The move away from the Mercedes team is also being looked at as the next step in that direction.

For Ferrari, their drought spell in F1 has been even longer. Finnish legend Kimi Raikkonen was the last driver to win a world championship representing Ferrari (in 2007), and the team won its 15th and most recent constructors’ championship in 2008. Roping in Hamilton will instil confidence in the hearts of the owners, and the Italian side will be hoping to end its barren run whilst standing witness to history.

The deal between Hamilton and Ferrari can also prove to be beneficial for Charles Leclerc. As a youngster, having someone of Hamilton’s stature by his side will provide him ample opportunity to learn and grow into a better driver. Likewise, the British legend will also hope to mentor the Monegasque, so that when the time comes, he can leave his legacy in able hands in a symbolic passing of the baton.

(Main Image Credits: Courtesy Lewis Hamilton/Instagram and Scuderia Ferrari/Instagram; Featured Image Credits: Courtesy Lewis Hamilton/Instagram)

This story first appeared on Augustman Singapore

Frequently Asked Questions (FAQs)

– Has Lewis Hamilton gone to Ferrari? 
Lewis Hamilton will be joining the Ferrari F1 team in 2025.

– Does Lewis Hamilton drive a Ferrari?
Yes, Lewis Hamilton owns a couple of Ferrari LaFerraris in his car collection.

– Why did Lewis Hamilton join Ferrari?
As his contract with the Mercedes F1 team runs out at the end of the 2024 season, excluding the optional one-year period, Lewis Hamilton decided to join Ferrari in 2025.

– Who left Ferrari for Lewis Hamilton?
Shortly after Ferrari announced the signing of Lewis Hamilton, Spanish driver Carlos Sainz Jr. announced that he would leave Ferrari after the conclusion of the 2024 F1 season.