Lewis Hamilton: F1 champ signs new £100M deal, makes him highest paid British sportsman

Reigning Formula One champion, Lewis Hamilton  has signed a new deal with Mercedes ending a protracted contract saga.

The new deal according to reports, is worth £100 million which makes the 30-year-old the richest sportsman in the United Kingdom.

Hamilton's contract was due to expire at the end this season has been extended till the end of the 2018 campaign.

"Mercedes is my home and I couldn't be happier to be staying here for another three years," Hamilton is quoted to say by Daily Mail.

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

"Even after the success of last year, that hunger is greater than ever - and it's the same for me, too. The Mercedes car I am driving right now is the best I have ever had in my career; it's just so much fun to be out there every weekend, on the limit and fighting to win at every track.

"Mercedes-Benz began supporting me in 1998 so I am very proud that this contract means I will mark 20 years with Mercedes in 2018."

With this new contract, Hamilton joins Sabastian Vettel ofFerrari and Fernando Alonso of McLaren as the highest-paid drivers in the world.

Hamilton has won 15 of 43 races since he joined Mercedes in 2013 winning his second world championship at last year's season finale in Abu Dhabi.

He is on course for a third this season as he leads in the world championship 20 points.