Lewis Hamilton takes seven-figure pay-cut to join Ferrari and stays well below Max Verstappen’s Red Bull wages
Lewis Hamilton was so determined to join Ferrari that he was willing to take a pay cut to leave Mercedes.
Hamilton, a seven-time world champion, stunned Formula One on Thursday when it was revealed that he would be joining Charles Leclerc’s team for the 2025 season.
2
Lewis Hamilton is willing to make a little less to make the big jump to FerrariCredit: AFP
While details of Hamilton’s stunning decision continue to play out – Mercedes boss Toto Wolff said that Hamilton’s move had been in the works but still surprised the Silver Arrows – it appears the veteran racer will make about $1million less once he begins driving for Ferrari.
Accoring to Forbes, Hamilton received a salary of $55m last season with Mercedes.
The 39-year-old British driver will make $53.9m during his first year with Ferrari, La Gazzetta dello Sport reported.
Max Verstappen, who has won three consecutive F1 championships while dominating the sport with Red Bull, made a salary of $45m last season.
READ MORE ON F1
But with an additional £25m in bonuses, Verstappen’s overall number increased to a whopping $70m, easily outpacing Hamilton.
Bridging the wide financial gap won’t be easy for Hamilton, who was F1’s best-paid driver before being surpassed by Verstappen.
But the incoming Ferrari star is joining a new crew in the hope that the sport’s most famous team can recreate old heroics.
“The time is right for me to take this step and I’m excited to be taking on a new challenge,” Hamilton said.
Most read in Motorsport
“I will be forever grateful for the incredible support of my Mercedes family, especially Toto for his friendship and leadership, and I want to finish on a high together.”
2
Charles Leclerc and Hamilton will be spending a lot of time together in 2025Credit: 2019 Getty Images
Mercedes appeared caught off guard by Hamilton’s announcement, which will force Wolff to find a new teammate for George Russell for the 2025 season.
“Mercedes-AMG PETRONAS F1 Team and Lewis Hamilton will part ways at the end of the 2024 season,” Mercedes announced. “Lewis has activated a release option in the contract announced last year.”
Lewis Hamilton and George Russel kick off Las Vegas Grand Prix by racing with stunning drone light show in Nevada desert
Hamilton shouldn’t miss the lost $1m in salary once he switches over to the Italian team’s world-famous red.
He has a net worth estimated at $285m and an impressive collection of his own Ferraris.
Ok