Mercedes Formula One World Champion Lewis Hamilton (L) of Britain holds his trophy next Toto Wolff, executive director of Mercedes, during the 2014 International Automobile Federation (FIA) Gala Prize-Giving ceremony in Doha December 5, 2014.
Mercedes Formula One World Champion Lewis Hamilton (L) of Britain holds his trophy next Toto Wolff, executive director of Mercedes, during the 2014 International Automobile Federation (FIA) Gala Prize-Giving ceremony in Doha December 5, 2014. REUTERS/Fadi Al-Assaad

Mercedes boss Toto Wolff hopes to finalise a new contract for reigning Formula One, or F1 champion Lewis Hamilton before the first race of the season in Australia on March 15. Wolff, however, made it clear that he is not on a rush to conclude the contract negotiations with the British F1 racer.

“There is no reason for us to believe that it is not going to go in the way we think is right, and Lewis thinks is right,” Wolff told Press Association Sport. “Therefore, we aim to finish the discussions before the start of the season but this is not a deadline we have set ourselves because the moment you set deadlines, you put yourself under pressure and we don’t want to put him or us under pressure.”

According to Wolff, the talks about Hamilton’s new contract had been fairly good albeit not easy. He said that both sides have been “open and honest” with their intentions as far as their plans for the future are concerned.

Hamilton was out of contract at Mercedes at the end of the 2014 season. However, Hamilton had previously expressed his desire to continue working with Mercedes further than 2015. The Briton has every intention to be with Mercedes for the next two or three years and maybe even longer.

Hamilton’s new deal with Mercedes is reportedly worth AU$ 117.8 million (£ 60 million), The Guardian reported. The contract, which will last until 2018, is higher than what Hamilton was initially offered when he first joined the F1 team.

Speaking about the new deal, the 30-year-old Briton said that he expects to reach an agreement in the near future after working on the terms and making sure that those terms work for both sides. The important thing is that both Hamilton and Mercedes want to extend their relationship with each other.

Hamilton and Mercedes were the winners of the 2014 season. Hamilton won the 2014 F1 World Driver’s Championship title, with his teammate Nico Rosberg trailing behind him at the second place. Mercedes emerged victorious by finishing atop the leaderboard and taking home the F1 World Constructor’s Champions.

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