British F1 champion Lewis Hamilton is to continue racing with Mercedes, after signing a new three-year contract worth £100 million.
Rumours had been circulating the 30-year-old double World Championship winner had been mulling a move to Ferrari, which has proved a resurgent force in the 2015 season. However, with Mercedes dominating the sport for a second year running, the signing is a shrewd move on Hamilton’s part as he chases a third title.
The deal, which was concluded in Monaco this week, will see Hamilton paid a basic salary of $31 million (£20.9 million), on top of which will be earnings from race bonuses and sponsorship deals.
Hamilton said: “I am so happy I get another three years in Formula One after this in a great team, with a great contract and a team that really believe in me and hopefully with an amazing car,” the Telegraph reports.
With this new contract, Hamilton is amongst the highest paid drivers in the sport, alongside Sebastian Vettel and Fernando Alonso. He was also crowned Britain’s richest sportsperson in the recent Sunday Times rich list.
Speaking to the BBC, Mercedes motorsport boss Toto Wolff said: "Lewis' sporting track record speaks for itself and he is a great personality for the company.
"Personally, I am looking forward to continuing to race with the strongest driver pairing in Formula 1 and to more historic achievements together."