F1 champion Lewis Hamilton signs new contract with Mercedes

Formula One champion Lewis Hamilton has finally signed a new contract with Mercedes.

After months of deliberation and stalling, the four-time F1 champion penned a new deal with Mercedes until 2020. No figures were given in a Mercedes statement on Thursday, but it is reportedly estimated at 40 million pounds ($52 million) per year.

Mercedes has won the past four drivers' and constructors' championships — with Hamilton clinching three of them — but this season is testing the Silver Arrows team.

Hamilton trails Ferrari driver Sebastian Vettel by eight points, and Mercedes is 20 points behind Ferrari in the constructors' championship.

The 33-year-old Hamilton has won 65 races — 44 of those with Mercedes — and secured 124 career podiums. He is the F1 record holder with 76 pole positions.