Lewis Hamilton contract details: Salary, contract length – is there a ‘veto clause’?

F1: How Hamilton compares to Schumacher

Lewis Hamilton’s contract saga has finally reached a conclusion with Mercedes announcing his new deal on Monday. Hamilton’s preceding contract expired at the end of the 2020 season after he sealed his seventh world title. Despite matching Michael Schumacher’s record, much of the focus centred around his future in the sport.

But with both driver and team having expressed the desire to continue their association, a new contract has been agreed ahead of next month’s season opener in Bahrain.

Hamilton said in a statement: “I am excited to be heading into my ninth season with my Mercedes teammates.

“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.”

Here, Express Sport takes a closer look at Hamilton’s new contract.

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How long is Lewis Hamilton’s contract?

Hamilton’s new contract is a one-year deal, meaning he will technically be a free agent again at the end of the 2021 season.

However, part of the new deal involves a commitment from Mercedes to continue working with the driver on seeking “greater diversity and inclusion in motorsport” in the form of a joint charitable foundation.

Mercedes team boss Toto Wolff has since explained the reasoning behind the one-year agreement.

“We jointly agreed on a one-year deal,” said Wolff.

“First of all, there is a substantial regulation change in 2022. We also want to see how the world develops, and the company. Plus on the other side, it’s because we kept it very late.

“We wanted to discuss the contract at the end of the season between the Bahrain races and then obviously, Lewis didn’t feel well. And in the end, we started our conversation, just before Christmas.

“So it was important to get it done as soon as possible. And in that respect, we thought, let’s postpone the discussion about 2022 and onwards to a later stage in 2021.”

How much will Lewis Hamilton earn?

Mercedes did not disclose the value of Hamilton’s contract.

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It is believed his previous deal was worth up to £40million per year.

However, according to The Sun, Hamilton will earn the same figure in 2021 with all bonuses and add-ons included.

Mercedes team boss Toto Wolff said of the deal: “We have always been quite aligned of what the other side would expect on contractual terms.

“Because he has this helicopter perspective on the wider world, it was a very tough year for us personally – from a health standpoint and from an economic standpoint – so he knew that even though he delivered on his side, there is a financial economical reality that it is important to respect.”

Is there a veto clause in Lewis Hamilton’s contract?

In the run-up to Hamilton’s contract announcement, there were reports circulating that the F1 champion had asked for a veto on his future team-mate, as well as a share of Mercedes’ revenue.

However, Wolff has rubbished speculation of any such clauses being included in the contract.

He said: “On the specific clauses that were out there in the media, I don’t know where they came from because none of that is true.

“I actually read about this, and I found it interesting, but the truth is that there was not one second of discussion about any driver specific clause. He has never asked for that in the last eight years. And it’s a team decision.

“And the other clause about a revenue share. That came out of nowhere. That rumour was baseless, too. So none of that was ever part of our discussions.”

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