REVEALED: The pay cut Lewis Hamilton took to join Ferrari

Lewis Hamilton, Ferrari, Social — Photo: © IMAGO

F1 News & Gossip

REVEALED: The pay cut Hamilton took to join Ferrari

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

Sam Cook Digital Journalist

Sports Journalist who has been covering motorsport since 2023

Saturday 10 February 2024 14:57

Lewis Hamilton will make less money in his first year at Ferrari than he did with Mercedes in 2023, reports have claimed.

The seven-time world champion had his move to the Italian team confirmed earlier this month, ending the most successful driver/team partnership in Formula 1 history.

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.

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 F1 Driver Salaries 2024: Verstappen and Lewis Hamilton WAY out in front ">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.

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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.

Lewis Hamilton Ferrari Mercedes Formula 1