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Mercedes and Hamilton hope to sign new contract before Canadian Grand Prix

Mercedes and Hamilton hope to sign new contract before Canadian GP

13 June 2023 at 09:13
Last update 13 June 2023 at 10:16
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  • Toby McLuskie

Lewis Hamilton is on the verge of extending his contract at Mercedes. Team boss Toto Wolff stated on Tuesday that only the final creases need to be ironed out before the signatures can be put on paper. It is possible that everything will be finalised before the Canadian Grand Prix.

“It is going to happen soon, and we are talking more days than weeks," Wolff told Squawk on the Street. This weekend, the Formula 1 circus travels and the 51-year-old Austrian hopes the new commitment will be complete when the first free practice sessions are scheduled on Friday. "We are trying hard [to get it done before the Canadian Grand Prix]. I will see him today and maybe we will talk about it."

An important part of the contract negotiations is salary. The Mercedes driver reportedly currently earns between $40 million and $45 million per season and will certainly not want to lose out. However, whether the German racing stable is willing to start paying the seven-time world champion more is doubtful. Either way, nothing is fixed yet. "We have such a good relationship that we dread the moment that we need to talk about money.”

How long will Hamilton stay with Mercedes?

Little is yet known about the length of the new contract. The last time Hamilton extended his commitment, he signed on for two years. If he does so again, he will be 40 years old at the end of his new contract. Mercedes may also be interested in extending for just one year, as the contracts of many F1 drivers expire in 2024. Men like Charles Leclerc, Carlos Sainz, Pierre Gasly, Esteban Ocon, Oscar Piastri and Sergio Perez will then all be free to go wherever they want.