Formula 1 Driver Contract: Max Verstappen new contract with Red Bull put him on Par With Lewis Hamilton.

Formula 1 2022 season will get underway in the second week of March and teams will have to confirm their drivers lineup before the testing weekend begins by February. However most of the teams have confirmed their 2022 driver lineups and their contracts heading into the 2022 season. We will be taking a look at every driver’s contract with their respective teams and how much salaries they will be getting.

Formula 1 2022 Driver Contracts (Confirmed)

As expected some reshuffling heading into the new season with a few drivers changing teams but for most part we will see similar lineups as 2021 season. Kimi Raikonnen has retired, George Russell joins Mercedes. Valtteri Bottas and Guanyu Zhou to race for Alpha Romeo while Alex Albon has joined Williams.

  • Fernando Alonso signed a 2-year deal with Renault till 2022 season and will be earning around $18 million a year (Bonuses included).
  • Lewis Hamilton signed new financially improved 2-year contract with Mercedes making him the highest paid F1 driver of all-times in £40million a year ($54m USD) contract which runs till end of 2023 season.
  • Max Verstappen signed a 7 year deal with Red Bull to keep him at the team till 2028 season and he will be paid $53 million a year (including bonuses) making him one of the highest paid in the lineup alongside Lewis Hamilton.
  • Sebastian Vettel finished his lucrative $40 million a year deal with Ferrari and joins rebranded Aston Martin team for 2021 season. Vettel signed a 1 year deal with Aston Martin for 2021 season with an option to extend for another year which has been extended and he will be getting $17 million.
  • Mich Schumacher signed a “Multi-year” deal with Haas and will be racing from them starting from 2021 season. He will be paid a modest $5 million a year with his current contract.
  • Daniel Ricciardo has left Renault to join McLaren where he signed a 2 year deal worth $17 million a year. He is taking a pay cut from his $25 million a year deal with Renault.
  • George Russell: Mercedes has confirmed George Russell signed a multiyear deal worth $6 million a year.
Lewis Hamilton (Mercedes)$54 million2 year extension till 2023 season
George Russell (Mercedes)$6 million Multiyear deal worth $6m a year with bonuses included.
Max Verstappen (Red Bull)$53 million Signed a 7 year deal till 2028
Sergio Perez (Red Bull)$6.5 millionSigned 1 year deal to remain at Red Bull till 2022 season.
Sebastian Vettel (Aston Martin)$17 millionactivated his 1 year extension with team for 2022 season
Lance Stroll(Aston Martin)Multiyear deal and also he is son of the owner of this team.
Fernando Alonso (McLaren)$18 millionLast year into his 2-year deal which runs till 2022
Esteban Ocon (McLaren)$3.5 millionSigned another 1 year deal to remain with the team.
Charles Leclerc (Ferrari)$10 million 5 year contract till 2024
Carlos Sainz (Ferrari)$7.5 millionMulti year contract
Pierre Gasly (Alpha Tauri)$3.5 million1 year extension to keep him with the team till 2021
Yuki Tsunoda (Alpha Tauri)$2 million1 year deal for 2021 season
Valtteri Bottas (Alpha Romeo)$6 millionMultiyear deal signed in September 2021
Antonio Giovinazzi (Alpha Romeo)$2 million1 year extension for 2021 season (might leave the team)
Mick Schumacher (Haas)$5 million Multi year contract
Nikita Mazepin (Haas)$1.5 millionMulti year contract signed in 2020
Nicholas Latifi (Williams)$2 million a year1 year contract extension
Alex Albon (Williams)$1mSigned a 2-year deal with Williams.

FAQs regarding F1 driver salaries:

Who is the highest paid Formula 1 driver in 2022 season ?

Lewis Hamilton with his $54 million a year deal with Mercedes.

How much Max Verstappen earns with his Red Bull contract ?

Max Verstappen signed a new financially improved deal with Red Bull earning him $53 million a year.

Do Formula 1 drivers get any prize money ?

No. Prize money is allocated to F1 teams. Drivers have professional contracts with base salaries + bonuses with their respective teams.

Do drivers get any bonus for winning Grand Prix ?

Yes. But its solely down to the contract they have signed with their teams. FIA or Formula 1 do not pay any bonus or prize money to drivers.

Max Verstappen new contract worth more then Lewis Hamilton ?

Verstappen’s 7-year deal with Red Bull is worth $53 million a year including all the possible bonuses for winning f1 title and grand prix. That comes a little short compared to what Hamilton is getting paid on his current deal with Mercedes.

6 thoughts on “Formula 1 Driver Contract: Max Verstappen new contract with Red Bull put him on Par With Lewis Hamilton.”

  1. Max is the best on the track. Even his fellow drivers say so. Well deserving of the championship. Sour grapes to those who think Lewis was cheated. As the FIA said to Mercedes, “We’re racing.” Enough of the protests and complaints.

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