Hamilton set to net millions in bonuses- 31 Oct 2008 00:00:00
If Lewis Hamilton wins the F1 World Championship at the Brazilian Grand Prix in Sao Paulo this weekend, the McClaren team sponsors may have to pay millions in bonus payments to the British driver.
The car manufacturer, who is paying Hamilton £15m a year, as well as other sponsors such as Reebok, could owe up to £6m due to the terms laid out in the driver’s contract, which was signed in January of this year.
‘Earlier this month we have seen Max Mosley, FIA President, urge the racing industry to exercise caution in relation to spending in the current economic climate,’ Rod O’Callaghan, director of Airton Risk Management, said.
‘McClaren and Hamilton’s partners could limit the financial pain by hedging any potential bonuses at the start of the season. Hamilton’s bonus could probably have been hedged for circa 25% of the payout before the season started.’
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