Lewis Hamilton could go on to beat Michael Schumacher's all-time record of seven Formula One world titles, motorsport boss Max Mosley predicts.

Hamilton made a spectacular F1 debut in 2007, losing the drivers' title to Kimi Raikkonen by a single point.

However, the 23-year-old's debut season was also marred by his spats with former McLaren team-mate Fernando Alonso and the fall-out of the "spy row".

The pressure of the politics surrounding the sport and the media spotlight even led to suggestions by Hamilton that he could quit.

But instead he has signed a new five-year deal with McLaren, reported to be worth £10m per year, and Mosley says that was the right decision.

"My advice to Lewis would be to put the money in the bank and don't worry about the politics," said Mosley, president of the sport's governing body the FIA.

Mosley also insisted that new FIA guidelines, which will see drivers charged £7,441 for the required super licence and £1,488 per point they win, will be used to improve safety.

"We spend a fortune on safety, and most of it is to the benefit of the drivers," said Mosley.

"These drivers are earning mega-bucks, we're spending a fortune to ensure they're safe, so hence the increase."