LewisLewis Hamilton takes seven-figure pay-cut to join Ferrari and stays well below Max Verstappen’s Red Bull wag
Hamilton, a seven-time world champion, stunned Formula One on Thursday when it was revealed that he would be joining Charles Leclerc‘s team for the 2025 season.While details of Hamilton’s stunning decision continue to play out – Mercedes boss Toto Wolff said that Hamilton’s move had been in the works but still surprised the Silver Arrows – it appears the veteran racer will make about $1million less once he begins driving for Ferrari.
Accoring to Forbes, Hamilton received a salary of $55m last season with Mercedes.
The 39-year-old British driver will make $53.9m during his first year with Ferrari, La Gazzetta dello Sport reported.
Max Verstappen, who has won three consecutive F1 championships while dominating the sport with Red Bull, made a salary of $45m last season.
But with an additional £25m in bonuses, Verstappen’s overall number increased to a whopping $70m, easily outpacing Hamilton.
Bridging the wide financial gap won’t be easy for Hamilton, who was F1’s best-paid driver before being surpassed by Verstappen.
But the incoming Ferrari star is joining a new crew in the hope that the sport’s most famous team can recreate old heroics.
“The time is right for me to take this step and I’m excited to be taking on a new challenge,” Hamilton said.
“I will be forever grateful for the incredible support of my Mercedes family, especially Toto for his friendship and leadership, and I want to finish on a high together.”
Mercedes appeared caught off guard by Hamilton’s announcement, which will force Wolff to find a new teammate for George Russell for the 2025 season
Hamilton shouldn’t miss the lost $1m in salary once he switches over to the Italian team’s world-famous red.
He has a net worth estimated at $285m and an impressive collection of his own Ferraris.