The initiation of the new F1 salary cap could dismiss six-time world champion, Lewis Hamilton, his projected three-year £40m-a-year contract with Mercedes.

Lewis Hamilton: The new Formula One principles could be a dealbreaker for Lewis Hamilton since he currently weighs a contract extension with Mercedes. The rule changes will see the introduction of the F1 salary cap, which will force top earners such as Hamilton and Sebastian Vettel to cut down on their salary from 2023.

Even though Vettel has composed a new deal with Aston Martin, the 35-year-old faces a race against time to finalize his new contract with Mercedes.

Lewis Hamilton Mercedes agreement in jeopardy later F1 salary cap approval 

According to a report by Sportsmail, Formula 1 has agreed to introduce a salary cap out of 2023. The cap will be set at £22m ($30m) significance Lewis Hamilton, who currently bags about £35m-a-year, is set to get a massive pay cut. The 35-year-old is out of contract at the end of this year and was expected to sign a three-year deal which could see him get around £40million annually.

The six-time Formula 1 champion cannot earn the reported wages if the principles are ratified before he pens the new thing. If he signals terms before the rule is officially adopted, it is likely he would still get the agreed fee. Even though the exact details of the F1 salary cap are yet to be finalized, sources told Sportsmail that labor laws would likely obligate teams to continue to pay the very same wages set before the introduction of the rules.

The salary cap is an expansion of the budget limits because to be imposed from 2022 on team spending, which was further given new impetus on account of this coronavirus pandemic. The principal changes are meant to address the financial imbalance at the F1, involving the larger and the smaller teams.

The introduction of new principles could also see Lewis Hamilton contemplate committing to Mercedes for a longer stretch, in an effort to bring in maximum salary till the finish of his career.

Lewis Hamilton net worth

According to Celebrity Net Worth, Lewis Hamilton’s net worth is roughly a whopping $285million. A lot of his net worth is fostered by his contract with Mercedes, together with championship winnings and exemptions. Forbes reports that the 35-year-old has endorsement deals with the likes of Bose, L’Oreal, Monster Energy, Puma, Sony, Tommy Hilfiger, and Vodafone among many others, and earns more than $12 million annually from them.

The F1 legend has pumped serious cash into the property, $44 million on a Manhattan penthouse in 2017 that was listed for $57 million in final years. The Wall Street Journal reports that Lewis Hamilton obtained another penthouse, now for $40.7 million, also became a neighbor of NFL legend Tom Brady and Gisele Bundchen.