Date: 15th August 2012 at 10:11am
Written by:

McLaren and Lewis Hamilton had publicly spoken about their desire to get the Brits contract situation sorted over the F1 summer break.

The British driver is out-of-contract at the end of the 2012 season and has previously been linked with moves to Red Bull, Ferrari and Mercedes.

But with Mark Webber committing to Red Bull following his win at the British Grand Prix and a move to either Ferrari or Mercedes unlikely, Hamilton and McLaren understand the need to seal the deal and that is what all parties are currently working towards.

It had been previously reported that McLaren were set to offer Lewis Hamilton a mega £20million per season contract to remain with the team, which would actually be an improvement on his current five-year £15million per season contract which expires at the end of the 2012 Formula One World Championship.

The Daily Telegraph believed the finer details of that offer were yet to be finalised and could prove to be a sticking point as there will be a lot of negotiations regarding Hamilton?s commercial rights.

Hamilton?s management company XIX Entertainment will argue for more free-time for Hamilton to be able promote his own brands and projects, while McLaren will argue that Hamilton has his own team sponsorship commitments to fulfil.

Another factor for Hamilton would be the emotional link he holds with the McLaren team.

Hamilton has of course grown up around the team since he was a 13-year-old and leaving the team and everything he has ever known would be tough.

So while the 2008 Formula One World Champion will of course drive a hard bargain, ultimately all parties know that they want to resolve the issues and that would appear to be where they currently stand.

‘We are closer and of course we are in dialogue,’ McLaren Managing Director Jonathon Neale told Sky Sports.

‘For obvious reasons I can’t speculate more at the moment. We are working very hard to find a common ground.’