Biggest F1 contracts ever: Money-spinning deals aren’t always successful!

Schumacher rewarded by Ferrari

Michael Schumacher was poached from Benetton by Ferrari in 1996, signing a two-year deal worth a reported total of $60m.

That was swiftly extended for another four money-spinning years - ushering in the Schumacher era.

He racked up five consecutive F1 championships for the Scuderia, the famous Italian team’s first titles since Jody Scheckter in 1979.

The money invested in the legendary driver was worth it.

In 2003 and 2004, his final two championship years, a new contract ensured Schumacher was pocketing a reported total of £80m.

And when he came out of retirement to join Mercedes for three seasons, he earned a reported £30m per year.

Kimi Raikkonen justified Ferrari pay-day

The Iceman was paid a reported $153m across three seasons by Ferrari when they poached him from McLaren.

Kimi Raikkonen immediately justified their decision by delivering the 2007 F1 championship. He remains Ferrari’s most recent champion.

The vastness of the deal that Raikkonen penned meant that he earned approximately $2.94m per race.

Mercedes take Hamilton from McLaren

Lewis Hamilton made the high-profile switch in 2016 and was handsomely rewarded.

It was reported that Hamilton was due to pocket £100m in total over three seasons, but by 2017 he was already negotiating a pay rise.

His new three-year deal was touted at £120m in total, reported in some outlets as the biggest contract in British sport.

He was established as F1’s top earner even before a further contract extension in 2021.

A joint-record seven championships are proof that Mercedes put their money in the right place.

And now? Hamilton remains locked in talks with Mercedes over a new deal to take him into 2024 and beyond.

Vettel underwhelms at Ferrari

Sebastian Vettel’s contract at Ferrari was reported by Forbes as being among the world’s top sports deals.

It was reportedly worth a total of £150m over three years.

In 2015 Ferrari were fed up of their winless streak (which continues to this day) so shelled out an eye-watering sum to attract Vettel.

He had won four championships in a row with Red Bull and his move to Ferrari was massive news.

But he totally underwhelmed, failing to deliver the historic title that Ferrari demanded in his six years wearing red.

Verstappen the future money-spinner

Max Verstappen is surely set to be ranked alongside the greats in terms of F1 success - but also his net worth.

In 2020 he penned a deal with Red Bull worth £40m per season but that has already increased.

Verstappen is currently on a massive five-year commitment to Red Bull worth $55m per season, which when factoring in his championship bonuses, makes him today’s top earner in F1.