World Champion, Lewis Hamilton has agreed to a new N18bn (£40m) Mercedes deal to keep him with
German auto giant for two-and-a-half seasons.
The deal keeps Hamilton driving for Mercedes until 2020.
Hamilton, 33, will earn higher pay of £30m yearly with the possibility of further rise to the maximum of £40m, BBC Sport reports.
“It’s good to put pen to paper, announce it and then get on with business as usual.
“I have been part of the Mercedes racing family for 20 years and I have never been happier inside a team than I am right now,” the three-time World Champion said about the deal.
Hamilton first one the world title in 2008 as Mercedes McLaren driver and the Englishman is optimistic the team can do so much more in the next two-and-a-half years.
He added: “Although we have enjoyed so much success together since 2013, Mercedes is hungrier than ever.
“The competitive passion that burns bright inside me is shared by every single member of this group – always chasing the next improvement and digging even deeper to make sure we come out on top.
“I can’t wait to see what we can achieve together in the next two and a half seasons.”
Halfway into the regular season, Hamilton is on the verge of a fourth and fifth World title for self and team, respectively, sitting seven points behind Ferrari’s Sebastian Vettel(25 points) in the 2018 championship before the German Grand Prix at the weekend.