Lewis Hamilton signs a new five-year multi-million pound contract with McLaren

Lewis Hamilton on Friday signed a new five-year multi-million pound contract with McLaren which commits him to the team until 2012. Now he has become one of Britain's highest-paid sportsmen.

Hamilton has now made a long-term commitment to the McLaren team, who were heavily fined last year for their involvement in the F1 `spy row'. The new deal underlines the relationship between Hamilton and a team he has been associated with since an early age.

Hamilton, who turned 23 just 11 days ago, said: "It's fantastic for me the team has extended my contract until 2012.

The five-year deal is believed to be worth £10million per year, or £200,000 per week - a bumper pay packet that eclipses the country's Premier League stars.

Only David Beckham, whose five-year contract with LA Galaxy was rumoured to be £128million over its duration, can claim to earn more than Hamilton.

The 23-year-old came within a point of winning the world title, only to lose out in the final grand prix of the campaign in Brazil as circumstances conspired against him.

Hamilton, though, won four races and broke every rookie record in the Formula One history books, ensuring it would be only a matter of when, and not if, McLaren would offer a new deal.

With the contract not due to expire until 2012, should Hamilton remain with the team up until that time, it means his partnership with McLaren will stretch to 15 years.

Hamilton was initially signed up a decade ago at the age of 13 as he was supported through various karting and junior formulae en route to his breakthrough into Formula One.

Such is his affinity with McLaren, he freely concedes he "could easily drive for this team for the whole of my Formula One career".