F1 News: Huge Ferrari 'PROMISE' to Lewis Hamilton revealed in stunning deal

Lewis Hamilton talking to Frederic Vasseur — Photo: © IMAGO

Latest F1 News

Huge Ferrari 'PROMISE' to Hamilton revealed in stunning F1 deal

The Maranello-based team are going to help Hamilton with various goals

Sam Cook Digital Journalist

Sports Journalist who has been covering motorsport since 2023

Wednesday 7 February 2024 09:12 Updated: 14:34

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Seven-time word champion Lewis Hamilton is set to receive funding for his various charitable projects as part of his lucrative Ferrari deal, which will reportedly see the Brit paid around £80 million.

The 39-year-old has opted to seek one more challenge in his illustrious career in Formula 1, teaming up with the most successful team in the sport from the 2025 season.

He will be hoping to win an unprecedented eighth world title with the Maranello-based team, as well as claim Ferrari their first title of any kind since 2008.

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For Hamilton, it means ditching the Mercedes team that have helped him claim six of his seven world championships, and 82 of his record 103 race victories.

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Hamilton's mammoth Ferrari contract

Three-time world champion Max Verstappen recently agreed that he was earning more than Hamilton, a fact that is likely not to be true from 2025.

Reports from Italy suggest that Hamilton's new base salary will be around £80 million per year, while other endeavours may make the total package worth over a whopping £300 million.

That's because of a Ferrari promise to invest in some of Hamilton's projects, including his Mission 44 project, which seeks to reimagine the future and empower young people from underserved communities.

Ferrari chairman John Elkann is known to share a good off-track relationship with Hamilton, and The Qualifier are reporting that the American was more willing to invest in the 39-year-old's endeavours than Mercedes.

"Elkann promises to embrace and champion Hamilton's diversity and inclusion initiatives, including Mission 44," they say.

"The potential joint investment fund with Exor could contribute $250 million to Hamilton’s future projects on top of his compensation for his on-track services, making his total deal with Ferrari an astonishing $400 million."

Lewis Hamilton Ferrari Mercedes Formula 1 Michael Schumacher