Hamilton signs five-year McLaren deal

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The 23-year-old enjoyed a stunning first season in Formula One last year, leading the drivers' championship for much of the season before ultimately finishing second to Ferrari driver Kimi Raikkonen.

Hamilton - whose deal is believed to be worth £10million per year, or £200,000 per week - 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'.

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

"Whilst last year was my first year with the team in Formula One, I have been connected to McLaren and Mercedes-Benz since 1998 and feel that I could easily drive for this team for the whole of my Formula One career.

"I am with the right team to compete for race wins and both the drivers' and constructors' world championships in the future.

"We will have a lot of challenges ahead, but I am 100% positive I am with the people to take them on.

"The first of those challenges is the 2008 season. We have 57 days to go until the lights go out on the grid at Albert Park (for the Australian Grand Prix).

"We are motivated to make the most of this time and arrive in Melbourne with a competitive car."