F1 News: Lewis Hamilton PAY CUT to join Ferrari revealed as legend gets creative financially

Lewis Hamilton, Ferrari, Social — Photo: © IMAGO

F1 News & Gossip

Hamilton PAY CUT to join Ferrari revealed as F1 legend gets creative financially

The seven-time world champion was clearly desperate to leave Mercedes

Sam Cook Digital Journalist

Sports Journalist who has been covering motorsport since 2023

Friday 9 February 2024 21:27

It has been revealed that Lewis Hamilton may make around £600,000 less in his first year at Ferrari compared with his Mercedes 2023 salary.

The seven-time world champion recently made the shock announcement that he would be leaving the Mercedes team with whom he claimed six of his seven titles and 82 of his record 103 race victories.

While Hamilton's announcement has already provided a boost to Ferrari's share price, quite how much Hamilton himself will be on has been somewhat of a mystery, with various different numbers flying about.

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However, La Gazzetta dello Sport are reporting that the 39-year-old will be on around $53.9 million in his first season with Ferrari, having previously been paid $55 million at Mercedes last season, in a year in which he was not able to claim a single race win.

Lewis Hamilton is set to join Ferrari in 2025

Lewis Hamilton is said to share a good personal relationship with Ferrari team principal Fred Vasseur

The seven-time world champion also has had social gatherings with Ferrari chairman John Elkann

Hamilton's Ferrari contract details

That initial number with Ferrari will be expected to go up through various bonuses and other factors depending on Hamilton's performances with the Maranello-based outfit, but the base salary puts him below what Max Verstappen earned with Red Bull in 2023.

One of the key aspects of Hamilton's new deal, however, is the support from Ferrari towards the Brit's charitable organisations, with Ferrari chairman John Elkann reportedly agreeing to a $250 million investment into various ventures over a few years.

This feature has left fans questioning whether Ferrari simply wanted Hamilton more than Mercedes, and thus got their man.

It remains to be seen exactly how much Hamilton will earn at Ferrari after bonuses, with the 39-year-old expected to be rewarded handsomely if he can claim Ferrari a first drivers' championship title since 2007.

F1 Lewis Hamilton Ferrari Mercedes