Mercedes-AMG Petronas F1 Team has confirmed Lewis Hamilton will depart at the end of the 2024 season, with Ferrari confirming his signing shortly after.
The statement issued by Mercedes confirming Hamilton’s departure noted the seven-time World Champion has activated a release clause in the two-year contract extension he signed in August last year.
Ferrari issued a statement shortly after Mercedes, stating: “Scuderia Ferrari is pleased to announce that Lewis Hamilton will be joining the team in 2025 on a multi-year contract.”
Since confirming their star recruit, Ferrari’s share price jumped more than 10 per cent to reach a record high on the New York Stock Exchange.
Hamilton will partner Charles Leclerc for the campaign, with the Monagasque driver having recently signed a long-term agreement with the manufacturer.
Henceforth, this season will be Carlos Saniz’s final with Ferrari, with the Spaniard confirming the news through social media.
“Following today’s news, Scuderia Ferrari and myself will part ways at the end of 2024,” he said.
“We still have a long season ahead of us, and, like always, I will give my absolute best for the team and for the Tifosi all around the world.
“News about my future will be announced in due course.”
His departure ends a 17-year relationship in F1 with Mercedes, with six of those with McLaren Mercedes and the past eleven with the works team.
“I have had an amazing 11 years with this team, and I’m so proud of what we have achieved together. Mercedes has been part of my life since I was 13 years old.
“It’s a place where I have grown up, so making the decision to leave was one of the hardest decisions I have ever had to make. But the time is right for me to take this step and I’m excited to be taking on a new challenge.
“I will be forever grateful for the incredible support of my Mercedes family, especially Toto for his friendship and leadership, and I want to finish on a high together. I am 100% committed to delivering the best performance I can this season and making my last year with the Silver Arrows one to remember.”
Team Principal and CEO Toto Wolff added: “In terms of a team-driver pairing, our relationship with Lewis has become the most successful the sport has seen, and that’s something we can look back on with pride; Lewis will always be an important part of Mercedes motorsport history.
“However, we knew our partnership would come to a natural end at some point, and that day has now come. We accept Lewis’s decision to seek a fresh challenge, and our opportunities for the future are exciting to contemplate. But for now, we still have one season to go, and we are focused on going racing to deliver a strong 2024.”
