Formula 1 world champion Lewis Hamilton signs new contract with Mercedes – but only for one year
Lewis Hamilton has finally ended speculation over his immediate future by signing a new contract with Mercedes.
The move comes just weeks before the Formula 1 world champion is due to begin his seventh title defence in Bahrain on 28 March.
Hamilton’s last contract expired at the end of last season and was reported to be worth up to £40m a year.
His future beyond 2021 remains unclear, however, as the new contract with Mercedes is for one year only.
“I am excited to be heading into my ninth season with my Mercedes team-mates,” said Hamilton.
“Our team has achieved incredible things together and we look forward to building on our success even further, while continuously looking to improve, both on and off the track.”
Hamilton won his fourth consecutive drivers’ title and a sixth in seven years last season.
In doing so, the 36-year-old Briton equalled Michael Schumacher’s seven F1 championships.
“We have always been aligned with Lewis that we would continue, but the very unusual year we had in 2020 meant it took some time to finish the process,” said Mercedes team boss Toto Wolff.
“The story of Mercedes and Lewis has written itself into the history books of our sport over the past eight seasons, and we are hungry to compete and to add more chapters to it.”
Hamilton and Mercedes to launch diversity foundation
As part of the new agreement with Hamilton, Mercedes has committed to establishing a joint foundation with the driver.
The charitable foundation is intended to promote diversity in the overwhelmingly white and male world of motorsport.
“I’m grateful that Mercedes has been extremely supportive of my call to address this issue,” said Hamilton, who received a knighthood last month.
“I am inspired by all that we can build together and can’t wait to get back on the track.”
Wolff added: “Together, we have decided to extend the sporting relationship for another season and to begin a longer-term project to take the next step in our shared commitment to greater diversity within our sport.
“Lewis’s competitive record stands alongside the best the sports world has ever seen, and he is a valued ambassador for our brand and our partners.”
Hamilton will again race alongside Finn Valtteri Bottas at Mercedes in 2021.