Lewis Hamilton was reportedly lured to Ferrari by a deal worth a staggering $446million which stretches far beyond his Formula 1 driving duties with the Scuderia.

It looked like Hamilton’s future with Mercedes was secure after he signed a multi-year contract extension during the 2023 campaign, this deal running until the end of 2025 and seen as the one which could potentially take him to the end of his Formula 1 career.

All of that has been blown out of the window though after the bombshell announcement came that Hamilton triggered a break clause that will make the dream move to Ferrari happen in 2025, following years of speculation.

Ferrari to fund Lewis Hamilton beyond just Formula 1?
French publication Sportune has released alleged details on the financial packages put forward to Hamilton by Ferrari, who unleashed the big bucks to seal the deal.

It is reported that Hamilton initially turned down a two-year deal worth just over $50m per season, Ferrari chairman John Elkann leading the negotiations, which were re-ignited by Ferrari granting Hamilton’s wish for investment into his Mission 44 organisation, while further perks were sent his way.

The terms agreed to by Hamilton reportedly includes a pay packet just north of $87m for 2025, with the option to extend for 2026, a quarter of that going into funding Mission 44, while Elkann has offered to create a joint-investment fund via Ferrari’s parent brand Exor, worth over $272m, where Hamilton would serve as the ambassador for his portfolio.

The Mercedes board had reportedly denied Hamilton’s proposal to serve as an ambassador until 2035.

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Hamilton has moved to shed light on his shock call to join Ferrari, explaining that “the time is right” to take on this challenge, while assuring total commitment for F1 2024, his final season with Mercedes.

“I have had an amazing 11 years with this team and I’m so proud of what we have achieved together,” he said.

“Mercedes has been part of my life since I was 13 years old. It’s a place where I have grown up, so making the decision to leave was one of the hardest decisions I have ever had to make.

“But the time is right for me to take this step and I’m excited to be taking on a new challenge. 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.

“I am 100% committed to delivering the best performance I can this season and making my last year with the Silver Arrows, one to remember.”

Ferrari are set to field one of, if not the most daunting driver line-ups on the F1 grid in 2025 as Hamilton prepares to partner Charles Leclerc.