• Loading stock data...
Thursday, February 29, 2024

Lewis Hamilton Stuns Formula One With Shift to Ferrari Team

  • Ferrari stock rises more 12%, fueled in part by news of legendary driver’s arrival.
  • F1 team turns to all-time wins leader in bid to disrupt Red Bull’s current dominance.
Lewis Hamilton
Austin American-Statesman

The business fortunes of two Formula One teams are set to be significantly altered as seven-time world champion Lewis Hamilton is finalizing a switch from Mercedes to Ferrari beginning in 2025, sending shockwaves throughout the motor sports world.

Hamilton, F1’s all-time wins leader, is poised to join a Ferrari team that has a proud lineage in F1, having competed in every season, but has not won a drivers’ title since Kimi Räikkönen in 2007. In ’23, Hamilton finished third in the standings behind the dominant Max Verstappen and Sergio Pérez, and earned $55 million, trailing only Verstappen, and ranking as one of the world’s highest-paid athletes. 

Ferrari’s U.S. stock listing rose more than 12.5% on Thursday to reach an all-time high of $389.45 per share, boosted by the Hamilton news and a strong quarterly earnings report beating Wall Street projections. Hamilton now forms a “dream team” of sorts at Ferrari with fellow F1 star Charles Leclerc, 2023’s No. 5 driver.

Before the Hamilton shift, Ferrari’s team carried an estimated value of $3.9 billion, tops in F1, while Mercedes ranked a close second at $3.8 billion. Hamilton exercised a release option in his contract to enable the move to Ferrari.

“We knew our partnership would come to a natural end at some point, and that day has now come,” said Toto Wolff, Mercedes CEO and team principal. 

Copy Link
Link Copied
Link Copied

What to Read

Caitlin Clark

Iowa Star Caitlin Clark Makes It Official: She’s WNBA-Bound

Iowa star Caitlin Clark announced she is declaring for the WNBA draft.

NFL Combine Is Buzzing With Talk of Nearly $1B in Extra Cap Space

The 2024 NFL salary cap is $255.4M per team, a $30M-per-team jump over last season.

Electronic Arts’ Layoffs Signal Ongoing Evolution, Struggles

The company is set to make a second major round of staff cuts in the last year.
Howard University

Howard’s Figure Skating Team Part of Olympic Sport Growth at HBCUs

Olympic sports at HBCUs are growing, with gymnastics and swimming gaining momentum.
podcast thumbnail mobile
Front Office Sports Today

MLB’s Media Mess


Featured Today

Oct 5, 2021; Kansas City, Missouri, USA; Bob Kendrick, president of the Negro Leagues Baseball Museum in Kansas City, points to the lettering outside of the museum Tuesday.

How Do You Keep Negro Leagues Baseball History Alive? Put It in a Video Game

Negro Leagues Baseball Museum attracting increased donations, visits from ‘MLB The Show.’
February 26, 2024

The Victor Wembanyama Rookie Card Market Hasn’t Matched His Hype

A cooling market and Fanatics autograph deal leaves big-money collectors waiting.
February 25, 2024

Sham Gods: The Rapidly Growing World of Sports Impersonators on X

Fake Schefters and Wojs, fabricated trade demands, and borrowed profile pictures.
Sep 24, 2023; Oakland, California, USA; A general view of the Oakland Athletics dugout after the game against the Detroit Tigers at Oakland-Alameda County Coliseum.
February 24, 2024

Murky Future: Everything You Need to Know About the A’s Move to Las Vegas

Breaking down one of the most drawn-out, multifaceted sagas in sports.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple - USA Careers
Multiple - USA Careers
Multiple - USA Careers
Carolina Panthers

For Panthers, the Cost of a Two-Win Season Is a 4% Ticket Hike

Lower-level tickets are going up an average of 7%.
February 26, 2024

What Is a Clipper? Behind the Scenes of an NBA Rebrand

The NBA team is leaning into its nautical heritage.
February 26, 2024

Trouble in Winnipeg As Bettman Plans Visit for Ailing Jets

NHL commissioner set to meet with local politicians, sponsors, and fans.

How LivePass is Redefining Ticketing for the Next Generation of Fans

The next wave of ticketing technology.
Matt Araiza
February 22, 2024

Chiefs Sign Matt Araiza, Former Bills Punter Dismissed for Now-Dropped Rape Allegations

Rape allegations against the punter were dropped in December.
February 20, 2024

An About-Face in D.C. As Lerners Pull Nationals From the Market

MLB club no longer for sale as ownership family changes course.
Phoenix Suns
February 15, 2024

Suns Last NBA Team To Add a G League Squad

Mat Ishbia made his latest move a year into owning the Suns.
February 13, 2024

Royals Trust Owner’s ‘Gut,’ Commit to Downtown K.C. Site for New Stadium

MLB club targets late-emerging location near downtown for ballpark development.