Author: Barkha Roy
In an important development, Lewis Hamilton’s contract negotiations with Mercedes have reached an impasse, signaling a possible change in his contractual position. The seven-time Formula 1 champion’s current contract with the team is due to expire at the end of 2023. Despite initial optimism about a quick solution, the two sides were unable to agree on several crucial aspects of the new contract.
Mercedes’ impressive comeback since adopting Red Bull-style sidepods has improved their performance, securing top four finishes in all three Grands Prix after the Monaco GP. However, as the talks progressed, it became clear that Hamilton and Mercedes were at odds on several fronts.
According to reports in The Daily Mail, Hamilton wants to secure a new long-term contract with a guaranteed bonus of £15 million after the contract agreement. On the other hand, Mercedes seem inclined to offer the British driver a one-year contract with an option for a second year, showing a disparity in their respective preferences.
The disagreement goes beyond driving terms, as Hamilton has also expressed interest in an ambassadorial role with the company for ten years, worth 200 million pounds, after his driving career ends. However, Mercedes is not in a position to accept these ambassadorial demands, which represents a significant obstacle in the negotiations.
Hamilton currently receives a salary of £27.5 million, plus a bonus of £15 million for winning the F1 championship.
Although the negotiations are now at an impasse, the parties are still trying to find a solution that suits them both. According to Sky’s David Croft, the new deal could be announced at the next F1 British Grand Prix.
While negotiations continue, the racing world is anxiously awaiting the results, as the decision on Hamilton’s contract situation could have important implications for the rest of the season and his future in F1.