Lewis Hamilton extends Mercedes contract with incredible £40m-a-year deal

LEWIS HAMILTON has signed his new contract with Mercedes – making him Britain's highest paid sportsman with wages of around £40million a year.

Despite months of speculation the Brit always wanted to remain with the Brackley-based team, who have dominated F1 for the past four years.

 Lewis Hamilton is about to boost his bank balance even further

AFP
Lewis Hamilton is about to boost his bank balance even further

Hamilton said: "I have been in the Mercedes Family since 1998. I am forever grateful for their continued support, love and protection over these years.

"I’m incredibly proud of what we have achieved together and even more excited for the future!

At the British Grand Prix, Merc boss Toto Wolff said that he wanted the 33-year-old to stay with the team for another five years.

However, Hamilton's new deal is thought to last for another two years, taking him up until December 2020, with the potential for another season after that.

 Mercedes driver Lewis Hamilton will be laughing all the way to the bank

Getty
Mercedes driver Lewis Hamilton will be laughing all the way to the bank

Wolff had earlier said that he was simply waiting for the "right time for the announcement", which is thought to be Merc's home race.

Merc are desperate for a morale-boosting win at Hockenheim after difficult races in Austria and Silverstone, with their rivals insisting they are cracking under the pressure from Ferrari.

Former F1 driver David Coulthard feels Mercedes have been forced to change their approach due to Ferrari's return to form.

He said: "What has been interesting is the criticism about strategy which has been levelled at the team.

"Success is a lousy teacher and not allowed them to take a risk.

 You can buy a lot of dog food with £40m-a-year

Getty Images – Getty
You can buy a lot of dog food with £40m-a-year

"Whereas the others have been forced to take a risk to try and win the race, and now Mercedes have to take a risk.

"It is like in the World Cup. When a team changes formation and goes more defensive, it opens them up. It is a different mindset."

Meanwhile, Sebastian Vettel is looking to emulate his hero Michael Schumacher by winning his home race with Ferrari, as this is currently the last German GP on F1 calendar.

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LEWIS HAMILTON has signed his new contract with Mercedes – making him Britain's highest paid sportsman with wages of around £40million a year.