SUMMARY
- Lewis Hamilton signs multi-year contract with Ferrari.
- Max Verstappen had the highest salary on the F1 grid.
Lewis Hamilton has decided to leave Mercedes after the 2025 season. This move shocked the entire F1 community. Not just the fans, but most of the drivers and team bosses were surprised as well. In his initial contract with Mercedes, Lewis was set to earn over $60 million per year.
With Lewis Hamilton having signed a contract with Ferrari, there has been a lot of speculation as to what his salary with the team would be. Max Verstappen had the highest salary on the grid. However, does Lewis’ new salary with Ferrari supersede Verstappen’s?
Does Max Verstappen still have the highest salary?
Verstappen signed a huge contract after winning the 2021 Championship. This contract will see him drive for Red Bull until the end of the 2028 season. Until last year, there were no other drivers with a contract that long.
Verstappen’s new contract is speculated to be worth around $60 million per year until 2028. During the 2023 season, Max proved why he is the most paid driver with the longest contract in F1. He won his 3rd Championship that season. In doing so, he also broke several records and had the most dominant season in F1 history.
🚨 | Lewis Hamilton will earn over $100 million per year at Ferrari.
Ferrari Chairman John Elkann will also ensure that Hamilton’s diversity and inclusion projects are embraced.
[@GiulyDuchessa] pic.twitter.com/qqnBar5YWt
— formularacers (@formularacers_) February 2, 2024
When Lewis Hamilton signed a contract extension with Mercedes, it was speculated that he would receive a similar salary to Verstappen. However, Lewis has chosen to activate a release clause that will allow him to sign with Ferrari for the 2025 season.
It has been reported that Hamilton’s contract with Ferrari will see him earn around $400 million in the next 3 years. This is an absurd amount that looks unlikely. But let’s break this down.
How much will Lewis Hamilton earn in 2025?
As it stands, Hamilton’s salary is uncertain. There are some sources claiming that it is over $100 million per year, and there are other sources claiming that it is $40 million per year. So there is a lot of confusion. But let us make it simple.
It is unlikely that Hamilton will be receiving $100 million per year from the Ferrari F1 team. With another $20-25 million going to Leclerc, it would leave only $10 million for running the entire team throughout the year. This would be impossible.
Mercedes’ board of directors refused a proposed deal to make Lewis Hamilton a Mercedes ambassador until 2035.
John Elkann proposed a $400 million investment in Lewis’ projects such as Mission44 and transform him into an ambassador for Ferrari.
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— Mercedes-AMG F1 News (@MercedesNewsUK) February 2, 2024
However, it is possible that Ferrari found a way to pay Hamilton over $100 million per year. In order to satisfy the budget cap, Scuderia Ferrari could pay Hamilton a salary of $40 million. The rest of the $60 million will come from Ferrari’s official company for being the brand ambassador for the brand. This would give Ferrari enough money for the budget cap and would satisfy Hamilton’s high salary needs.
Hamilton’s official F1 salary would not make him the highest-paid driver in F1. However, his overall salary could supersede Verstappen’s.