Hamilton inks new Merc deal

Mercedes announced on Wednesday that reigning world champion Lewis Hamilton has signed a three-year contract extension, ending speculation about his future with the German Formula One team.

Including win bonuses, the 30-year-old Briton stands to make between 30 and 40 million euros per year having won last season's world drivers' championship and is dominating the current campaign with victory in three of the five races so far.

Hamilton's contract had been due to expire at the end of the season, but the Briton says he is happy to race for Mercedes until 2018.

There had been rumours that Hamilton would join Ferrari to replace Kimi Raikkonen in 2016, before Hamilton committed to Mercedes.

"Mercedes is my home and I couldn't be happier to be staying here for another three years," said Hamilton.

"This is a company filled with real passionate racers, from the board room to the factory floor, and an incredible hunger to win."