The buzz surrounding Lewis Hamilton and his championship-winning F1 team, Mercedes, has finally come to an end, with the former announcing his contract extension with the Brackley outfit.

The seven-time world champion will continue his journey with Mercedes until the end of the 2023 season, which will tally the duo’s partnership to 11 years.

How much are Mercedes paying Lewis Hamilton?

Of course, the pandemic meant that most of the F1 teams took a hefty blow in terms of finance, with drivers suffering a loss of pay. But Hamilton continued to receive the king’s welcome; his previous contract was a £40M package.

However, this time, the numbers have degraded a bit, according to The Sun. Considering the ongoing developments ahead of the 2022 season, Mercedes have opted to pull back the numbers on their recent contract offer to the Briton.

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Unlike the previous time, Hamilton’s current contract is worth £30M a year, with the 2-year package rounding off around £60M.

Mercedes are needing the Briton’s services the most this season, with Red Bull rising up to be a massive threat to the reigning world champions.

What’s more, while most of the grid were looking forward to Hamilton securing his record-breaking eighth title, he’s found Max Verstappen in the way, who is keen on clinching his first F1 title.

Read More: Why Do Mercedes Dominate F1?

How did Hamilton react?

The seven-time world champion is undeniably pleased with his contract extension with Mercedes, reckoning there is more success to come from the Brackley outfit.

“It is hard to believe it’s been nearly nine years working with this incredible team and I’m excited we’re going to continue our partnership for two more years,” he said.

“We’ve accomplished so much together but we still have a lot to achieve, both on and off the track. I’m incredibly proud and grateful of how Mercedes has supported me in my drive to improve diversity and equality in our sport.

“They have held themselves accountable and made important strides in creating a more diverse team and inclusive environment.”

Overall, Hamilton fans can finally heave a sigh of relief, with Mercedes putting an end to rumors pointing to the former’s retirement from F1 beyond 2021. What’s more, it certainly looks like an all-British Hamilton-Russell line-up is on cards.

So, can we now anticipate an announcement soon regarding the Williams driver?

Watch Story: Lewis Hamilton: Ranking His F1 World Titles From 2008 to 2020