Nico Rosberg agrees new multi-year contract extension with Mercedes

Nico Rosberg has signed a new multi-year deal with Mercedes to extend his stay with the championship leaders.

The German joined the Silver Arrows from Williams for their return to the sport in 2010 and has taken six victories and 17 podium finishes in his four and a half seasons with the team.

Reports in recent months had suggested that Rosberg had already agreed an extension to his contract before the start of the season, however Mercedes confirmed on the eve of his and their home German GP this weekend that they "signed a multi-year contract extension with Nico Rosberg on 14 July 2014".

Although details of the contract have not been made public, reports in the German press on the eve of Wednesday morning's announcement claimed that Rosberg had signed up until 2017 with his new deal worth a combined €55 million (£43m) across the three years.

The 29-year-old's team-mate and title rival Lewis Hamilton is already contracted to Mercedes until the end of 2015.

"I am very proud to drive the Formula 1 Silver Arrow of the modern era,” Rosberg said.

“As a German, the heritage of Mercedes-Benz is very special for me, and I am proud to be able to represent the best car brand around the world. It has been a difficult road to get to where we are now - but everybody kept believing and, thanks to the fantastic support from Mercedes-Benz, we are now leading the way in F1.

“There has been big progress during the past year, building up our structure, management and capability for the future. We have an awesome team and I am confident that we have the right people in place at every level. I'm looking forward to the next years together, when we will keep pushing to win even more races - and, hopefully, championships." 

Nico has won three grands prix, including Monaco, so far this year

Head of Mercedes Motorsport Toto Wolff added that Rosberg had shown himself this year to be a world class driver with the Austrian delighted to secure the German’s signature.

"Nico has been part of the Silver Arrows project since day one and he has a big stake in the development of the team since 2010,” Wolff said.

“His speed, commitment and focus have all helped to give clear direction and to drive the team forward. With his performances in 2014, Nico has demonstrated to the outside world what we knew already in the team: that he is one of the very top drivers in Formula 1.

“This new contract brings us important stability and continuity for the future and I am delighted to be able to make the announcement in time for the home race of Mercedes-Benz and Nico in Hockenheim."

Watch the 2014 German GP live only on Sky Sports F1. Extensive coverage from Hockenheim begins with Friday Practice from 8.45am on July 18.