F1 News: Lewis Hamilton's Mercedes Contract Last Hurdle Detailed By Report

Lewis Hamilton's contract extension with Mercedes is yet again on the slow lane but details reveal salary and term period details.

With the thirteenth Grand Prix of the season on the horizon in Formula 1, Lewis Hamilton's contract extension hasn't seen the daylight yet and interested parties are busy speculating the causes behind it. Adding to the anxiety was a rumour doing the rounds that Ferrari's CEO personally approached the Mercedes driver with an offer that was refused by the latter. Ferrari dismissed the rumour but a delay in the contract has added fuel to it. 

Given Hamilton's close relationship with Mercedes and team boss Toto Wolff, they have entered into an emotional contract and it is just a matter of time and formality before the new contract gets to the table for signatures. The latest update on the situation is that Wolff and Hamilton have agreed upon the duration of the contract and the driver's annual salary. The hold up however is related to Hamilton's sponsorship commitments which are still being debated. 

A report released by The Sun throws light on the details of the hurdle. It reads:

"At the Hungarian GP, Merc boss Toto Wolff said the two parties had 'emotionally' agreed to sign – so why the hold up?’ 

"The likelihood is that the duration of the contract – expected to be two years – has been agreed. As well as the wages of around £50 million a year.

"However, the likely sticking point will centre on the amount of time Hamilton will be contractually obliged to be available for Mercedes’ sponsors.

"Hamilton is in the box seat. He knows his worth to Mercedes in terms of his brand and is understandably willing to play hardball.’"

Former F1 driver David Coulthard spoke on similar lines recently when he said that negotiations on the sponsorship commitments were responsible for the delay in Hamilton's contract which is imminent. 

He added that Mercedes wanted more time from the racer which they could allot to the sponsors since they are dealing with a renowned driver like Hamilton who holds a significant amount of reputation at a global level. On the other hand, Hamilton would be interested in having fewer commitments to the brands. He said:

“Some businesses will have signed up with the Silver Arrows because Lewis is there, rather than George Russell. Perhaps Lewis might be wanting to do fewer days or have fewer commitments?”

With details of Hamilton's contract period and salary being revealed, it is just a matter of time before Wolff and Hamilton sort out the terms and conditions with the sponsors.