May 20 (GMM/ The long wait for official news about Lewis Hamilton’s future finally ended on Wednesday.

After months of speculation, delays and public negotiations, media reports said the reigning world champion’s new three-year contract will see Hamilton earn about $50 million per season until 2018.

“Mercedes is my home and I couldn’t be happier to be staying here for another three years,” Hamilton said in a press release confirming the news.

Team boss Toto Wolff said the new deal “recognises and respects the market value of Lewis and of Mercedes in formula one”.