Vodafone McLaren Mercedes has today extended Lewis Hamilton's contract with the team for a further five years. The new agreement, which starts for 2008, will run up to and including the 2012 season.
"We are pleased to announce that we have extended our contract with Lewis, which will now run for a further five years until 2012," said Ron Dennis, CEO and Chairman of the McLaren Group.
"Following our initial Formula 1 agreement with Lewis, which we announced in November 2006, he went on to exceed all expectations for a rookie in Formula 1, even those of us in the team who have known him for over a decade. Given Lewis's performances over the course of the 2007 season, it is clear that improved financial terms were fully deserved and this formed part of the friendly negotiations with Lewis's manager Anthony Hamilton."
According to the GMM news agency, the new five-year contract follows reports earlier this month that said the 23-year-old Briton had inked a deal that will see him earn an average of more than $27m per season.
Hamilton reportedly made just $700,000 plus points' bonuses while he raced to second place in the drivers' championship in 2007, the British tabloid News of the World claimed earlier in January.
Hamilton signed his first McLaren contract as a thirteen year old in 1998.
photo:Vodafone McLaren Mercedes
"We are pleased to announce that we have extended our contract with Lewis, which will now run for a further five years until 2012," said Ron Dennis, CEO and Chairman of the McLaren Group.
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"Following our initial Formula 1 agreement with Lewis, which we announced in November 2006, he went on to exceed all expectations for a rookie in Formula 1, even those of us in the team who have known him for over a decade. Given Lewis's performances over the course of the 2007 season, it is clear that improved financial terms were fully deserved and this formed part of the friendly negotiations with Lewis's manager Anthony Hamilton."
According to the GMM news agency, the new five-year contract follows reports earlier this month that said the 23-year-old Briton had inked a deal that will see him earn an average of more than $27m per season.
Hamilton reportedly made just $700,000 plus points' bonuses while he raced to second place in the drivers' championship in 2007, the British tabloid News of the World claimed earlier in January.
Hamilton signed his first McLaren contract as a thirteen year old in 1998.
photo:Vodafone McLaren Mercedes