The McLaren Formula 1 team announced on Friday afternoon that it came to an agreement with last year's runner-up in the F1 championship Lewis Hamilton. Hamilton's new agreement with the Woking based team will run until the end of the 2012 season.

After a stunning first season in Formula 1 the McLaren team rushed into extending Hamilton's contract. As Hamilton entered the sport last season as McLaren's new driver he had a contract running until the end of the 2008 season. Hamilton now extends his contract with an extra five years.

Speaking about his extended contract Hamilton said: "It's fantastic for me that Vodafone McLaren Mercedes has extended my contract until 2012. Whilst last year was my first year with the team in Formula 1, I have been connected to McLaren and Mercedes-Benz since 1998 and feel that I could easily drive for this team for the whole of my Formula 1 career.

"I am with the right team to compete for race wins and both the Drivers' and Constructors' World Championships in the future. We will have a lot of challenges ahead, but I am 100% positive I am with the people to take them on. The first of those challenges is the 2008 season. I am enjoying working closely with Heikki, Pedro, Gary and the team as we push hard with the development of the MP4-23. We have 57 days to go until the lights go out on the grid at Albert Park and we are motivated to make the most of this time and arrive in Melbourne with a competitive car."

http://f1.gpupdate.net/en/news/2008/01/18/...act-until-2012/

i smell a rat....

theres been lots of talk of a Mercedes buyout and takeover of McLaren i think Uncle Ron has done this cause he knows sutmhing is going to go down VERY SOON and he doesnt think Mercedes will give Lewis (Crane Boy) a good deal....

i have a question for any1 that knows anything about business and business contracts... IF Mercedes takes over McLaren can they make Lewis's contract null and void and offer him sumthing else or they HAVE to honour this new contract???

Not really business savvy, but logic would dictate that there will be a get-out clause in the contract in the event of the team being bought out.

When these large sums are in play, there is always an escape route. They can afford the most expensive and therefore crafty lawyers!

If Mercedes did buy more shares it will no doubt be written into the contract.

Like Mercedes has to invest a ceratin amount of money every year into the team.
And Hamiltons contract will be vaild. So if they did want to get rid they would have to buy him out.

Mercedes is actully owned by Daimler_AG which is merged with Chrysler which is owned by Cerberus Capital Management in the USA.

Mclaren use Ilmor engines which are made in England North Hamptonshire. And rebranded Mercedes.

The shareholding is thus Daimler 40%, Bahrain Mumtalakat Holding Company 30%, Ron Dennis 15% and Mansour Ojjeh 15%.[4]

Bahrain Mumtalakat Holding Company is owned by the Kingdom of Bahrain and they also want to buy Ron and Mansour out.

Fookin 'ell there's a detailed answer...

:thumbs_up:

your worng there
mercedes is no longer owned by daimler

on old internet pages it still is :lol:

As far as i know Daimler own Mercedes.

Perhaps you should tell Daimler because they still think they own it.

http://www.daimler.com/dccom/0-5-535019-1-...-0-0-0-0-0.html

Maybe you could enlighten me and Daimler on it's true owner. Because their site isn't that old Mr and Mrs Know it all. LOL