Hamilton reportedly chasing €142M two-year Mercedes deal

Seven-time F1 World Champion Lewis Hamilton is chasing a two-year deal with Mercedes worth a rumored €142 million.

The lucrative new contract, the numbers of which should be taken with a grain of salt given the confidentiality of the talks between Hamilton and Mercedes, would cover the 2024 and 2025 seasons and likely the Briton's final period in F1.

According to French sports business website Sportune, Hamilton's potential €70m per season retainer would represent a significant mark up from his current €45m a year deal.

However, contrary to his current contract, Hamilton's future deal would not include a €25m bonus provision awarded to the Briton for winning the world title.

Read also: Wolff expects new Hamilton deal to be sorted 'after a few hours'

Sportune also claims that most of Hamilton's salary would be paid by Mercedes partner Ineos, while provisions also include donations to the Hamilton-founded charity Mission 44.

As a reminder, Ineos founder and chairman Jim Ratcliffe, who has an estimated net worth of $15 billion according to Forbes magazine, is a part owner of the Mercedes F1 team along with Mercedes-Benz and team boss Toto Wolff.

The report also contends that Hamilton's new deal would also include a future ambassadorship for the Briton with Mercedes-Benz worth approximately €25m per year.

Last week, Toto Wolff said that he expected to iron out Hamilton's new contract with Mercedes over "a few hours" of talks between the two parties.

"In the last 10 years our relationship has grown that it's just a matter of him physically being back in Europe, sticking our heads together, wrestling a bit and then leaving the room with white smoke after a few hours," commented Wolff.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.