Motorsports Monday: F1 champ Lewis Hamilton could be in for a $150 million payday

Lewis Hamilton Formula OneAP/Hassan AmmarLewis Hamilton celebrates in Abu Dhabi.

Here’s everything you need to know about the wonderful world of motorsports this week.

Reigning Formula One World Champion Lewis Hamilton is on the verge of signing a massive contract extension with Mercedes-AMG Racing.

Lewis Hamilton and Mercedes-AMG are close to a contract extension that could keep the two-time champion with the team for the remainder of his career the Guardian reported.

Hamilton, who is in the final year of a 3-year $US100 million contract, told the Guardian that although he doesn’t have an exact timeline for when the contract will be signed, he is committed to the team for the foreseeable future.

The exact terms of the proposed deal have not been released, although the Mirror reported late last year that the deal could be worth as much as $US160 million over five years. The 30-year-old recently quashed rumours that he demanded a deal worth as much as $US1.6 million per week.

Hamilton, who has amassed 33 wins over eight seasons with McLaren and Mercedes-AMG, will begin his title defence on March 15, in Melbourne, Australia.

NASCAR Kevin Harvick Las VegasAP/Isaac BrekkenHarvick takes the win!

Defending Spring Cup Champion Kevin Harvick took the checkered over the weekend in Las Vegas. Leading 142 of 267 laps, Harvick made his 29th career victory a truly dominant one. Martin Truex Jr., Ryan Newman, and Dale Earnhardt Jr. followed Harvick in second, third, and fourth. Chevrolet powered cars swept the top four spots. Pole-sitter Jeff Gordon finished further back in the pack, in 18th position.

Force India Formula OneAP/Manu FernandezOnly two and half days to prepare.

Money problems will hurt Force India F1 team’s early season results. Indian liquor baron Vijay Mallya has warned the press that his team will likely struggle at the beginning of the 2015 season. Force India finished 6th in F1’s constructor standings last season and consistently challenged for top-10 finishes. However, due to financial issues during the off-season, the team has been forced to begin the new season with just two-and-a-half days worth of pre-season testing.

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