George Russell is closing in on a new multi-season contract with Mercedes worth approximately £30-million per year ($40-million), with negotiations now in their final stages following a recent acceleration in talks.
According to sources close to the deal, “all the main points have been agreed,” although finer details such as sponsor appearances are still being finalised. Mercedes had hoped to complete the agreement before the summer break after the Hungarian Grand Prix, but legal reviews by Russell’s management could delay the signing.
Russell’s new deal coincides with confirmation that Max Verstappen will remain at Red Bull through 2026, effectively ending any possibility of a high-profile move to Mercedes next season. With Verstappen 28 points clear of Russell after the Belgian Grand Prix and sitting third in the standings, a performance-related release clause in his Red Bull contract will not be triggered.
Mercedes team principal Toto Wolff now views Russell as the clear team leader heading into the new regulatory era. Russell’s performance in 2025 has underlined his value to the team: he has claimed a victory in Canada and leads teammate Kimi Antonelli 157 points to 63.
Post Verstappen firtation, Mercedes now fully behind their new team leader
Though Russell had hoped for a deal on par with Verstappen or former teammate Lewis Hamilton- both reportedly earning £60-million annually - his $40-million contract still places him among the highest-paid non-champions, alongside Charles Leclerc and Lando Norris.
Reports suggest Mercedes have structured the contract with commercial flexibility in mind. Should Russell reduce his sponsor obligations, his salary would be adjusted accordingly, reflecting what one insider described as “a vote of confidence” from Wolff without overcommitting financially.
Russell's four career wins and strong consistency have earned him internal respect at Brackley, but the contract is also a signal that Mercedes do not expect Verstappen to become available until at least 2027—if at all. While Verstappen technically could buy himself out of his Red Bull deal, both he and Mercedes have dismissed the idea.
Barring any last-minute complications, Russell is expected to lead the Silver Arrows alongside Antonelli into F1’s new era starting next season.
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