Hamilton F1 retirement date comes to light as contract request lodged
Lewis Hamilton on difficult season for Mercedes in November
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Lewis Hamilton has reportedly been offered a two-season extension to his Mercedes deal that will see him race into his 40s. The contract does not have a bonus for winning the world championship, though does outline his plans after his retirement.
Hamilton’s current deal with Mercedes expires at the end of the 2023 season, but Sportune report that an extension offer is now on the table. It will see him earn £62million per season, which is a considerable pay rise given that he currently earns £40m per season.
The contract is targeted at Hamilton’s retirement plans, with an agreement that he will remain a key figure within the Mercedes camp after his career draws to a close.
Toto Wolff would like the 38-year-old to become an ambassador, with a view for him to be involved in social projects. Hamilton is involved in two main initiatives, Mission 44 and Ignite, and they will receive funds as part of the new contract.
The two-year deal also hints that Hamilton has decided that he will retire in 2025, and he will not earn any bonuses if he is able to add to his seven titles during that time. As part of the deal, the driver is also hoping to secure a 10-year deal with Mercedes-Benz (Daimler Group) which would pocket him £22m per year.
Hamilton has discussed his retirement plans previously and how he has been warned that he must be prepared to do ‘other things’ rather than indulging in the industry that gave him his career. Thus, he has been divulged into the film industry recently as well as his initiatives.
He told Deadline: “I’m very conscious of other great athletes who spend their whole lives as I have, focused on their sport and when they come to the end they might not necessarily have had the right people around them to help structure the course ahead for them
“I’ve spoken to people who have said ‘look, when I stopped it all came crashing down, I wasn’t prepared to do other things, I hadn’t taken time to learn any other crafts, other skills, and I don’t know what my other passions are, so I didn’t really focus on trying to understand what those are and create pillars’.
“So when I stop racing – which I don’t plan on doing for a while, I still feel I’m in a good place – I want it to be seamless.”
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