Seven-time world champion Lewis Hamilton has signed a new contract with Mercedes that will see him remain with the team until the end of 2025.
The Silver Arrows confirmed on Thursday that Hamilton and George Russell will continue their all-British partnership for the next two seasons with reports suggesting the 38-year-old will earn in the region of £50 million a year.
The contract will mean Hamilton will extend his spell with Mercedes to 13 years and keep him in Formula One past his 40th birthday, ending months of speculation about his future.
“We dream every day of being the best and we have dedicated the past decade together to achieving that goal,” said Hamilton.
“Being at the top does not happen overnight or over a short period of time, it takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team.
“We have never been hungrier to win. We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again.
“I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.”
Hamilton has won a record 103 races and stands on seven world titles but he has not tasted victory since he controversially missed out on an eighth world crown with defeat to Max Verstappen in Abu Dhabi in 2021.
Mercedes' announcement brings to an end speculation over his future as they struggle to compete with dominant Red Bull who have won every race so far this season.
Hamilton currently sits fourth in the drivers' standings, 183 points behind leader and reigning champion Verstappen who is hunting a record-breaking 10th straight GP win at his week's week race in Italy. Russell is three places back on 99 points.
However, Hamilton still harbours hopes of winning a record eighth title while driving for Mercerdes. Mercedes team principal Toto Wolff said: “Our partnership with Lewis is one of the most successful in the sport’s history. It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly.
“His qualities as a pure racing driver are illustrated by his remarkable track record, but over our years together, he has grown to become a pillar and leader of our team. Those leadership qualities are crucial as we focus on fighting for world championships again.
“As F1’s biggest global star, he has also played a key role in shaping our commitments to diversity, inclusion and sustainability, that will be foundations for our success in the years ahead.”
Following three years at Williams, Russell joined Hamilton at Mercedes in 2022, outscoring his teammate in their first season together. He also claimed his maiden victory at the penultimate round of the season in Brazil.
“I have grown up with this team ever since joining as part of the junior programme back in 2017,” said Russell, 25. “It’s my home and it feels fantastic to extend our special relationship through 2025.
“After stepping up to the Mercedes race seat last year, I wanted to reward the trust and belief that Toto and the rest of the team placed in me.
“Taking my first pole position and race win last year was an unforgettable feeling. More importantly though, it’s been great to work with everybody at Brackley and Brixworth to make progress with our car and push forward our development. Their loyalty, vision and hard work is inspiring.
“We have made some significant steps over the last 18 months and are only getting stronger as a team. I’m excited to help continue to build on that momentum as we progress into 2024 and 2025 as we continue to focus on returning to the very front of the pack.”