Seven-time champion and current Mercedes driver Lewis Hamilton is willing to take a pay cut, but has proposed other conditions for that to happen.
Hamilton only signed a one-year contract extension at the beginning of this season. As a result, his contract expires at the end of this season. With no teams in the hunt for him, the Brit has to renegotiate terms with Mercedes. Both parties have expressed their desire of working with each other in the future.
Hamilton spoke recently about his desire to start contract negotiations as quickly as possible. According to him, the previous negotiation ruined his winter and his mood. It has officially begun now, and Mercedes Team Principal Toto Wolff also on board with finishing it before the summer.
But according to the Spanish branch of motorsport.com, Hamilton is not just willing to sign a new contract. He is also willing to accept a pay cut. This is interesting news, given he is one of the highest-paid drivers on the grid. However, he has tabled other conditions for that to happen.
For one, he has demanded double bonus if he wins the title. Secondly, he wants a contract that lasts till the end of 2022, with an option for a one-year extension available.
Ambassador for Mercedes
In addition to these demands, Hamilton has also pitched a future role for him at Daimler. This would allow him to continue championing the cause of diversity in Formula 1 and beyond.
This demands seems reasonable to us, especially given the long-time association between Hamilton and Mercedes. Tying one of the greatest drivers of all time to a lifetime partnership isn’t too shabby a deal. If Lewis is willing to take a pay cut as well, it’s a win for Mercedes on all fronts.