George Russell Becomes One of F1's Top Earners with New Mercedes Deal

George Russell is reportedly set to become Formula 1’s third-highest paid driver, with an eye-watering $40 million (£30 million) annual salary under his newly announced Mercedes contract. While driver salaries are notoriously secretive, and the usual disclaimers about F1 contracts apply, this figure – revealed in a report published by The Independent – would place the five-time Grand Prix winner just behind Max Verstappen, who earns an estimated $70 million with Red Bull, and Lewis Hamilton who is believed to rake in around $60 million with Ferrari.

Why it matters:

• Russell's significant pay raise underscores his rising stature in Formula 1 and Mercedes' long-term commitment to him as a future championship contender.
• This investment signals Mercedes' confidence in Russell to lead the team into the new regulatory era, especially with Lewis Hamilton departing for Ferrari in 2025.

The Details:

• Salary: Russell's new contract reportedly secures him an annual salary of $40 million (£30 million), placing him among F1's elite earners.
  • This figure puts him behind only Max Verstappen ($70 million) and Lewis Hamilton ($60 million).
• Contract Duration: Mercedes has confirmed the deal extends through 2026, with many anticipating options for 2027 or a longer multi-year agreement.
• Negotiation Points: The duration of the contract was reportedly a key sticking point, leading to prolonged negotiations.
• Russell's Tenure: Russell joined Mercedes as a junior driver in 2017, spending three formative years at Williams before moving to the senior F1 team in 2022.

The Big Picture:

Russell's new contract aligns with a pivotal moment for both him and Mercedes. With Lewis Hamilton's imminent departure, Russell is positioned to become the team's undisputed lead driver, a role he's been groomed for since joining the junior program. His increased salary reflects not just past performance, including five Grand Prix wins, but also the immense pressure and responsibility of spearheading Mercedes through a significant regulatory overhaul in 2026, which will bring major changes to both power unit and chassis regulations. This deal solidifies Mercedes' strategic investment in Russell as a cornerstone of their future in the sport.

What's next:

Russell will be central to Mercedes' preparations for the upcoming regulation changes in 2026, which promise one of the biggest shake-ups in F1's history.

• His role will be critical in developing the new car and power unit, ensuring Mercedes remains competitive.
• Russell's journey will see him navigate uncharted technical and competitive territory, steering both his career and Mercedes' ambitions into a new era with a substantial financial backing.