George Russell has finally signed a new contract with Mercedes, and the British driver’s salary is believed to be worth around £30m per year

Lewis Hamilton and George Russell are two of the highest-paid drivers in F1(Image: Getty Images)

George Russell has put pen-to-paper on a new Mercedes contract following months of waiting.

The 27-year-old is understood to have agreed a multi-year extension worth around £30million per season in reward for his outstanding displays this year. This puts Russell among the three best-paid drivers in Formula One, behind only Max Verstappen and Lewis Hamilton.

Verstappen is thought to pocket approximately £48m annually, according to Spotrac, whilst Hamilton reportedly takes home close to £45m each year. Despite being 112 points ahead of Hamilton in the F1 Drivers’ standings, Hamilton takes home much more each year than his countryman.

Russell’s fresh agreement also offers him greater protection against the ongoing threat from Verstappen, with the Silver Arrows keeping a close eye on the four-time world champion.

Verstappen remains contracted to Red Bull until the end of the 2026 season but will reassess his future next year, once the competitive picture under new technical regulations becomes clearer.

His manager, Raymond Vermeulen, has already stated publicly that his client will look to leave unless “he has the equipment to be able to win”.

Team principal Toto Wolff pursued Verstappen earlier this year, and it was only after the Red Bull driver confirmed his intentions that talks with Russell gathered pace. From that point, it was a given that Mercedes would retain their current duo of Russell and young gun Kimi Antonelli for 2026.

Progress on Russell’s contract talks was slow, with the lad from King’s Lynn choosing to enjoy his summer break rather than stay bogged down in negotiations.

George Russell has landed himself a long-term Mercedes deal(Getty Images)

Wolff has consistently said that any hold-ups were solely due to ironing out the finer details, including Russell’s media duties and sponsorship deals.

However, rumours have started to circulate suggesting the length of the contract became a significant hurdle, with Russell wanting long-term stability while the team favoured keeping options open.

It seems the driver has achieved his goal after Mercedes confirmed yesterday that both Russell and Antonelli would stay with the team for the forthcoming season.

Russell remarked: “I’m really proud to be continuing our journey together. Next year will mark my 10th since I signed with Mercedes back in 2017. It has been such a long and successful partnership with the team so far and I can’t wait to see what lies ahead.”

The team didn’t reveal contract lengths for either driver in their official statements, though insiders at Mercedes told The Mirror that Russell secured a multi-year deal. This is a fitting tribute to one of this season’s standout performers, following the Brit’s second win of the season at the Singapore Grand Prix.

Russell is currently sitting pretty in fourth place in the championship standings, boasting a 64-point lead over Charles Leclerc below him and still within striking distance of Verstappen in third. Antonelli’s situation is a bit more complicated, with his deal with Mercedes differing from that of his team-mate.

The team allegedly has more influence over the young Italian’s future, having fast-tracked his F1 debut. Mercedes are confident they have a rising star on their hands and have been impressed by his attitude and dedication despite some tough times in his first F1 season.