Is Hamilton and Ferrari the biggest deal in sport, not just Formula 1?
Lewis Hamilton tests his Ferrari today for the first time. Is this partnership one of the most iconic in sport? We take a look.
Usually the thought of Formula 1 drivers testing their cars ahead of a new season wouldn’t even approach the realms of interesting.
But at Fiorano Circuit near Maranello in northern Italy today two tectonic plates of motorsport will collide to kick-start one of F1’s most epic, iconic and legendary partnerships.
It is at that development track that Lewis Hamilton will drive his Ferrari Formula 1 challenger for the first time.
Decked in a black double-breasted suit and trench coat, and stood outside the former home of Enzo Ferrari, Hamilton looked remarkably similar to Michael Schumacher on his first day with the celebrated marque when he arrived in the European powerhouse of motorsport on Monday.
Leaving behind a dynasty
Hamilton has left behind one of the most successful unions in F1 history, the team that gave him six of his seven titles, his engineer Bono and the commercial machine that is Mercedes.
But in his move to Ferrari, announced before the start of last season, Hamilton has negotiated an alliance between the two biggest players in the sport: the premium team and himself.
“Ferrari’s share price surged by over 10 per cent following the announcement of Lewis Hamilton’s move to Scuderia Ferrari,” the founder of SportsInvest Advisory, Achille de Rauglaudre, tells Morning Wire.
“The union of the most prominent athlete brand with the most iconic team brand in Formula 1 is set to create a powerful commercial alliance.”
Scuderia Ferrari trailed behind Mercedes-AMG Petronas F1 for overall revenue in 2023, reporting $619m compared to the German team’s $680m.
“Ferrari believes they still have significant commercial growth potential within Formula 1, which currently represents just 10 per cent of their total business,” says De Rauglaudre.
“Key opportunities include leveraging synergies within their existing brand portfolios; attracting new brands, expanding lifestyle revenue and exploring new revenue streams by capitalising on Hamilton’s unique personal brand.”
Hamilton is more than a driver: he is a fashion icon, a champion of diversity, business savvy and androgynously flexible in the corporate worlds he’s forced to operate in.
Hamilton and Ferrari icons
“My view is that they are the two biggest icons in the sport coming back for the twilight of Hamilton’s career,” adds Steve Martin of MSQ Sport + Entertainment.
“It’ll transcend F1. The move makes complete sense commercially; I think what we’re talking about now is the valuation of the teams. And Ferrari has come out as the most highly valued team, just under $5bn, which is absolutely extraordinary.
“I think that’s the game they’re playing, and they’re about the valuations that they’re trying to create. And these valuations are off the charts in terms of where they used to be – they used to be way under $1bn.
“But I think it’s also about Ferrari coming back to try and get the No1 spot off McLaren, so adding Hamilton to the team with the valuation and the commercial sponsorship that will come in, and all eyes and ears on the team, is what they are trying to do.”
Hamilton will want to win, to go beyond Schumacher’s joint-record of seven world titles, if nothing else. But there’s a sense that this is more than sport, it is a business deal worthy of major historical note.