After 4th title, Hamilton heads for $160m contract

Lewis Hamilton is basking in the glory of his fourth Formula One title. At Mercedes, a $160 million (£ 120 million) mega three-year deal is on the cards for the 32-year-old British champion driver.

Hamilton is tipped to net £ 40 million ($53.13 million) per annum, three-year extension deal. The reports of windfall for the most successful active driver are emerging from the Mercedes Headquarters in Stuttgart. His present contract with the German luxury car manufacturer runs till 2018. The new contract is likely to be for three seasons and £120 million ($160m). This will outstrip the existing three-year £100 million ($133 million) contract between the ace driver and the company.

Hamilton is currently celebrating his 4th formula one title triumph with family and friends in Miami. He is likely to sit with Toto Wolff, the head of Mercedes Motorsport, next week to negotiate terms of the new deal.

In the current list of annual salaries for Formula One drivers, 3-time champion Sebastian Vettel sits on top with an annual pay packet of £33.4 million ($44.36 million) from Ferrari. Spaniard Fernando Alonso is placed second for his annual £30 million ($9.85m) salary. Hamilton’s present annual fixed salary stands at £21 million ($27.89m), but he has been able to add £10 million ($13.3m) bonus to his pay check for every F1 championship title.

If the negotiations between Hamilton and Mercedes go on the expected lines, the British driver is poised to surpass all salary records for the current Formula One drivers.

Hamilton with four F1 World Championship titles is now 3rd in the all-time list of Formula One winners along with legendary Alain Prost and his most fiercest rival Sebastian Vettel. Juan Manuel Fangio has five championship titles to his name and the greatest ever Michael Schumacher is sitting at the top of the list with unprecedented 7 championship victories.

Schumacher also has 91 Grand Prix victories to his name which make him the best ever by a mile. Hamilton is second in the list with 62 Grand Prix victories to his name. Alain Prost with 51 and Sebastian Vettel with 46 are next on the all time list of most successful formula one drivers.

The way Hamilton is going about the business, he is surely destined for the greatness both on the track as well as on the commercial front. With fourth title in the pocket and sights on the fifth one next season, he is determined and equipped to leave impact-making  impressions on FORMULA ONE track.

The champion driver, placed at No. 10 position on Forbes highest paid athletes’ list with an annual income of $46 million, is also destined to make big strides as an athlete taking the market by storm.

Meanwhile, the champion driver is also expecting to receive a knighthood after his fourth title and he agrees that will be the greatest honour for him.