Hamilton signs new five-year deal

LONDON, England -- Lewis Hamilton has signed a new five-year contract with McLaren which commits him to the F1 team until 2012.

The 23-year-old enjoyed a stunning first season last year, leading the drivers' championship for much of the season before ultimately finishing second to Ferrari driver Kimi Raikkonen.

Hamilton has now made a long-term commitment to the McLaren team, who were heavily fined last year for their involvement in the F1 `spy row'.

Hamilton's father Anthony is also his manager, and negotiated a deal that will make his son one of the wealthiest sports star in the country.

It is also one of the longest contracts in Formula One history, leading Anthony to comment: "Lewis and I have always been of the belief the people who make up the team and business of Vodafone, McLaren and Mercedes-Benz can provide the best opportunity for his career in the long term.

"It is an amazing thing to have been signed by McLaren and Mercedes-Benz back in 1998 at the age of 13 and to be given an opportunity to achieve a better life than one would ever have dreamed could happen.

"It is also a fantastic feeling to have put all our faith and belief into the team, and here we are today in a great partnership and our relationship even stronger."

McLaren chairman Ron Dennis was more than happy to sign Hamilton up for another five years, so extending the relationship to 15 years.

Dennis said: "Following our initial agreement with Lewis, which we announced in November 2006, he went on to exceed all expectations for a rookie in Formula One, even those of us in the team who have known him for over a decade.

"Given Lewis' performances over the course of the 2007 season, it is clear improved financial terms were fully deserved and this formed part of the friendly negotiations with Lewis' manager, Anthony.

"Today's announcement will take the length of our relationship with Lewis to a total of 15 years, which we believe is among the longest running associations between a sportsman and a team in the history of sport, particularly motorsport.

"This is a great achievement for everyone involved, including Anthony. Lewis is an exceptional human being, on both a personal and professional level, and will continue to be a credit to this team.

"We are looking forward to the new season, and we all expect that, with Heikki (Kovalainen) coming on board to partner Lewis, we will have a very competitive year." E-mail to a friend