'Hamilton wants to become ambassador for $200 million, Mercedes refuses'

Lewis Hamilton has still not signed a new contract with Mercedes. Both parties are pretty calm about it and say it is a matter of time before the signatures are made. However, much more is happening behind the scenes, tabloid The Daily Mail reported this weekend.

Last week, the same medium reported that Hamilton was betting on a five-year deal worth £250 million. However, Mercedes does not seem intent on paying down that much money for a longer stay for the record champion.

Hamilton wants to earn more

Hamilton currently earns £27.5 million a year and he receives a £15 million bonus when he wins the title. According to sources, Hamilton wants that £15 million bonus from 2024 as a guaranteed income. Mercedes is reportedly willing to offer Hamilton a one-year contract with the option for a second. So those five years Hamilton is aiming for would seem difficult to achieve at first glance.

Moreover, Hamilton would desire to be a Mercedes ambassador for the next 10 years. This would then require £20 million per season, making a total of £200 million. Team officials of the German formation, however, are said to be unwilling to budge on that ice. So apart from contract length and salary, this is a third point of contention.

Still no deal

The last time Hamilton signed a new contract with Mercedes was in early July 2021. It was then announced that the Briton would extend his commitment for the 2022 and 2023 seasons. Hamilton and Mercedes are both keen to continue with each other but on the right terms. There is still time to reach a deal, but that time is not infinite.