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Formula one world champion Lewis Hamilton signs lucrative new three-year deal with Mercedes. The two-time world champion joined the team back in 2013 from McLaren.

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Lewis Hamilton has signed a new contract with Formula 1 team Mercedes that could be worth £27 million a year.

The deal is a three year contract that was announced on Wednesday (May 20) ahead of this weekend's Monaco Grand Prix.

Depending on race performances - in relation to how many races won, podium finishes and the world title - Hamilton could be earning in excess of £27m.

He currently leads team-mate Nico Rosberg by 20 points in the 2015 world championship drivers' standings.

The reigning F1 Champion is already the richest British sportsman, with the Sunday Times Rich List estimating he has a net worth of £88m - a 29.4 per cent jump on the £68m he was worth in 2014.

Mercedes did not reveal the financial aspects of the deal, which is estimated to be worth £90 million pounds.