London, May 25(ANI): McLaren is ready to offer star driver Lewis Hamilton a new five-year contract worth around 20 million pounds a year to secure his future with them.
Hamilton has been with McLaren since the age of 13, and is coming to the end of his current five-year deal, which is worth around 15 million pounds per season.
According to The Telegraph, any contract is unlikely to be signed until later this summer as the finer points are being hammered out, even as Hamilton assesses his options.
One reason that may drag negotiations over the summer is the leeway in the contract with regard to Hamilton's commercial rights.
XIX Entertainment, Hamilton's management company, is keen for greater freedom to be inserted into any new contract, which would allow him to promote his own brands or pursue his own projects.
It may be that a lower basic salary is accepted which would allow Hamilton more control of this particular area.
With potential vacancies next year at Ferrari and Red Bull, and possibly Mercedes too, there is always the chance that one of McLaren's rivals may try to lure Hamilton.
There is also the possibility that Hamilton might try to engineer a move to give him a winning car. (ANI)
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