George Russell has finally put pen to paper on a new Mercedes contract after months of back-and-forth negotiations.
The deal, which Mercedes confirmed today alongside teammate Kimi Antonelli's renewal, came together once Max Verstappen committed to staying at Red Bull in July.
Mercedes F1 boss Toto Wolff explained the timing, saying: "Confirming our driver line-up was always just a matter of when, not if.
"We wanted to take our time, handle the negotiations properly and make sure everyone, on all sides, was happy."
Mercedes chief Toto Wolff confirmed it was 'a matter of when, not if' both George Russell and Kimi Antonelli's contracts were confirmed
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The 27-year-old Brit from King's Lynn has secured a multi-year extension that will see him racing for the Silver Arrows through 2026 and beyond.
The new agreement is worth an astonishing £30million annually, making Russell the third-highest earner on the Formula One grid.
George Russell has earned a major pay rise to an estimated £30million per year
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Only Red Bull's Max Verstappen, who reportedly earns about £48m per year, and Lewis Hamilton at nearly £45m, pocket more than the British driver.
It's quite a jump for Russell, who was said to be earning an annual salary of around £12m before the extension.
His performances this season show he can beat the best drivers out there, including Verstappen, Charles Leclerc and Lando Norris.
Leclerc (£25m), Norris, and Fernando Alonso (both £15m) reportedly sit directly below Russell in the F1 earnings.
Max Verstappen remains the highest-paid driver with an annual salary of £48million
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While Mercedes haven't officially revealed how long the contracts run for, insiders have confirmed Russell's is definitely a multi-year agreement.
Russell's new deal also gives him extra protection against any future moves for Verstappen.
The Dutch driver will stay with Red Bull through 2026 but plans to reassess his options next year once the new technical rules become clearer.
His manager Raymond Vermeulen has already said publicly that Verstappen will look to leave unless "he has the equipment to be able to win".
Wolff explored the potential of the four-time world champion joining Mercedes earlier this year, and it was only after Verstappen confirmed he'd stick with Red Bull that serious talks with Russell got going.
From that point, it became clear Mercedes would keep Russell and 19-year-old Italian Antonelli together for 2026.
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George Russell and Kimi Antonelli's partnership is set to continue
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Russell's negotiations covered plenty of fine details, particularly around his commitments away from the track. The British driver was keen to limit his sponsor-related appearances to ensure proper rest between race weekends.
It's an unusual situation with Russell's affairs being managed by Mercedes themselves, but both sides worked through the intricate details including marketing days and sponsorship arrangements.
Russell's performances this year back up his readiness for a title challenge. He's taken two wins in Canada and Singapore, bringing his career total to five, and managed eight podiums despite Mercedes often having just the fourth-fastest car.
The team's looking forward to 2026's new engine and chassis regulations with real excitement. Mercedes nailed the last major engine rule change in 2014, kicking off their most dominant period ever.
Russell told The Independent back in May that his overall performance has definitely improved. With Mercedes struggling through this ground-effect era - just seven wins in 86 races - both driver and team will be enthusiastic for the fresh start that's coming.