A recent report has unveiled the substantial commitment that Ferrari offered Lewis Hamilton during their discussions over a new contract…

A recent report has shed light on the significant commitment Ferrari has made to Lewis Hamilton as part of their contract negotiations.

According to the reports, John Elkann, the American-Italian leader of the Agnelli family and Chair of Stellantis and Ferrari, is prepared to make a substantial financial investment in Hamilton’s philanthropic initiatives.

Hamilton, who is widely recognized as the most prominent black professional racing driver, spearheads the Mission 44 project. This charitable foundation aims to support innovative organizations, leaders, and ideas that envision a better future and empower young individuals from marginalized communities.

Furthermore, in collaboration with the Sky Group, the longstanding broadcaster of Formula One in the UK, they recently launched the Preventing Exclusions fund in 2021.

The intricacies surrounding Lewis Hamilton’s transfer to Ferrari have been revealed. It is rumored that Hamilton will receive a substantial base salary of £80,000,000, a figure that surpasses the earnings of seven-time world champion Michael Schumacher during his peak years at Ferrari.

However, the collaboration with Ferrari goes beyond monetary compensation, as they have pledged additional funding for Hamilton’s philanthropic endeavors. This support could potentially elevate the total value of the deal to an astounding £300,000,000.

According to reports, Elkann, the chairman of Exor, has expressed his commitment to embracing and promoting Hamilton’s diversity and inclusion initiatives, including Mission 44. Furthermore, there is a possibility of a joint investment fund with Exor contributing $250 million towards Hamilton’s future projects, in addition to his compensation for his on-track performances. This would make the overall agreement with Ferrari an extraordinary $400 million.

Exor, the Dutch-registered holding company, holds controlling stakes in prestigious entities such as Ferrari, Stellantis (which encompasses renowned car brands like Alfa Romeo, FIAT, Chrysler, Peugeot, and others), and even the esteemed Italian football club, Juventus. Their financial prowess in the world of motorsport is unparalleled, and in 2021 alone, they recorded revenues exceeding $136,000,000,000. Only automotive giants like Toyota or the VW group could potentially rival their financial might.

However, Toyota’s presence in Formula One was not successful during their stint from 2002-2009, as they failed to secure any wins despite spending a significant amount of money. On the other hand, the VW group, through their Audi brand, has not yet entered the sport but is set to take over Sauber in 2026.

Hamilton and Elkann share a positive relationship, having had multiple meetings during previous Grands Prix. Even before Hamilton joined the Prancing Horse, Elkann was known to have a good rapport with the British racing legend.

According to reports from the BBC, they have met on social occasions over the years, and it is likely that discussions about Hamilton’s future took place during these encounters. It was during these meetings that Elkann recognized the importance of supporting Hamilton’s charitable endeavors as a crucial factor in securing his move to Ferrari.

This represents a shift in Ferrari’s approach. Traditionally viewed as a more conservative team in the motorsport world, Ferrari has always followed its own path. For instance, Enzo Ferrari famously resisted the transition from front-engine to mid-engine cars in the 1960s.

However, this investment in Hamilton and his charitable work demonstrates Ferrari’s willingness to embrace progress and adapt to the modern era. This move could not only enhance the brand’s popularity on and off the track but also ensure its enduring success.

There are multiple factors that have influenced Hamilton’s decision to switch teams, and this is just one of them. Apart from the desire to secure another championship title, Hamilton sees the potential in Ferrari to regain their championship-winning status. It has been over a decade since Kimi Raikkonen claimed the World Champion title in 2007, and Hamilton believes that Ferrari can once again achieve such success.