Mercedes F1 Team Signs Lewis Hamilton To Three-Year, $73M Deal

Mercedes today is expected to announce that F1 driver Michael Schumacher “will quit the team at the end of the season,” making room for the team to sign driver Lewis Hamilton to a three-year, $73M deal (GUARDIAN, 9/28). Mercedes' deal for Hamilton was “significant, not only in terms of money, but it also allowed Hamilton greater freedom with regard to his image rights and less impact on his personal time from sponsorship appearances” (PA, 9/28).

Hamilton’s previous F1 team, McLaren, this morning announced that Mexican driver Sergio Perez will take Hamilton's place. Perez hinted that his sponsor Telmex, which is owned by billionaire Carlos Slim, “would continue to back him” at McLaren, “who may soon be looking for a new title sponsor if Vodafone’s rumoured departure is confirmed” (London TELEGRAPH, 9/28).