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Formula 1 legend and Mercedes-AMG Petronas driver, Lewis Hamilton, has spoken up about the demanding nature of Formula 1 and his recent decision to explore ventures beyond the racetrack.
In a recent interview with CNBC, the seven-time world champion, who ranks as one of the world’s highest-earning athletes, detailed the problems of balancing racing and personal life, offering light on Formula 1’s changing dynamics.
Hamilton, 38, called for diversifying interests beyond racing when discussing his career. He admitted, “I can’t race forever, and it’s good to have other things that you can be creative and tap into because you can’t be thinking about racing 24/7; it will drive you out of your mind.”
Lewis Hamilton’s contractual crossroads: A driver’s perspective
Reflecting on the early years of his career, Hamilton remembered being exhausted on racing weekends due to commitments outside the track. “When I started out racing in Formula 1, I had too many commitments outside, and I was always tired on race weekends. Since joining this team, there’s a nicer balance,” he said, highlighting the progress achieved in recent times with the Mercedes-AMG Petronas team.
Despite the extensive year-long commitment, including sponsor-related obligations and contractual duties, Hamilton expressed his desire for a more driver-focused approach. “The desire is to do less contractual appearances and more racing, more driver-focused activities. But that’s the nature of the game. When I first started Formula 1, I had no leeway for anything else,” Hamilton said.
Lewis Hamilton’s impactful career and growing financial legacy beyond finishline
Also on the importance of creative endeavors his commitments in recent times, which include the Apollo project and the production of a Formula 1-themed movie, demonstrate expansion into business ventures outside the sport. In addition to this Hamilton, who boasts a net worth estimated at around $285 million, has invested in and set up a number of businesses.
With the end of the 2023 Formula 1 season in sight, Hamilton is set to see his career earnings surge to 512.16 million. Attaining this financial milestone elevates Hamilton to a select group of athletes whose career earnings surpass $500 million. Estimates suggest that his career earnings may surpass the $600 million mark by 2025, coinciding with the end of his present contract extension.
Hamilton praised Formula 1’s organizers for expanding to numerous regions, emphasizing the good impact of multiple races in a region. He also noted the rising costs of entering the sport and called for ways to make it more accessible to underprivileged drivers.
