Russell now among F1’s top earners with new Mercedes deal

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George Russell is reportedly set to become Formula 1’s third-highest paid driver, with an eye-watering $40 million (£30 million) annual salary under his newly announced Mercedes contract.

While driver salaries are notoriously secretive, and the usual disclaimers about F1 contracts apply, this figure – revealed in a report published by The Independent – would place the five-time Grand Prix winner just behind Max Verstappen, who earns an estimated $70 million with Red Bull, and Lewis Hamilton who is believed to rake in around $60 million with Ferrari.

Mercedes hasn’t revealed the full length of the deal, confirming only that it runs through 2026, though many expect options for 2027 or perhaps a straight multi-year agreement.

Negotiations dragged on longer than expected, with contract duration said to have been a key sticking point.

Looking Ahead to a Prosperous Future

Russell has been with Mercedes since 2017, originally joining as a junior driver before graduating to the senior F1 team in 2022 after three formative years with Williams.

Reflecting on Wednesday’s announcement, Russell said:

“I am really proud to be continuing our journey together. Next year will mark my 10th since I signed with Mercedes back in 2017.

“It has been such a long and successful partnership with the team so far and I can’t wait to see what lies ahead, particularly as we embark on one of the largest regulation changes in the sport’s history next year.”

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While Russell will be cruising in the comfort of a hefty eight-figure retainer, he’s also gearing up for one of F1’s biggest shake-ups in years, with both power unit and chassis regulations due to change.

The Briton’s new contract not only rewards his past performances but also signals Mercedes’ faith in their star driver as a cornerstone of their future.

As the team navigates Grand Prix racing’s new era, Russell will be steering both his car and his career into uncharted territory – and doing so with a very healthy bank account.

Russell’s glow-op: Wolff says quiet star no longer ‘underrated’

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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.