F1 Rumour: Lewis Hamilton Takes Pay Cut On One-Year Extension With Mercedes

Rumours have suggested that Lewis Hamilton has taken a pay cut and a one-year extension with Mercedes.

Mercedes F1 driver Lewis Hamilton is reportedly on the verge of inking a fresh contract with the Brackley squad, but while estimates have been high for his contract value, a new rumour has suggested that the 7-time world champion has actually taken a cut in pay. 

The UF Journal's Sergio Rodríguez has announced that the British driver has been given a one-year extension to his contract, with a second year expected to follow if his performance is good enough. On top of this, it's also been reported that the value of his contract has reduced. His current contract sits at $55 million US dollars per year, according to Forbes. In comparison, Max Verstappen's contract with Red Bull sits at $70 million a year. 

This rumoured drop in contract value will come from the drop in Mercedes performance. 2022 saw the constructor's dominance in the sport come to an end as Red Bull seemingly appeared to master the new ground-effect aerodynamics. Since then, the German manufacturer has been struggling to understand its W13 and W14 cars, with the team only recently revealing an upgrade package that seems to have put them on the right road. 

Nevertheless, despite the 2023 season seeming a lot like the last, Hamilton appears to remain optimistic about his remaining career years with Mercedes. He's sticking with the team that played an instrumental part in his ascent to greatness.

Though Red Bull seems out of reach, Mercedes remains a key player, fighting neck-and-neck with Aston Martin and Ferrari to secure the spot as the second-best car on the grid. The Spanish GP offered a glimmer of hope as their upgrades finally showed promise as both Hamilton and George Russell displayed an extraordinary race pace that led them to join Verstappen on the podium.