The Monaco Grand Prix will remain a fixture on the Formula 1 calendar until at least 2031, but at a significantly higher cost to the event's organisers.

Formula 1 and the FIA announced the extension on Thursday, with F1 CEO Stefano Domenicali expressing his satisfaction. "I am delighted Formula 1 will remain in the Principality," he stated.

However, authoritative outlets such as Radio Monte Carlo, Bild, and La Gazzetta dello Sport reveal that Monaco will now pay about double its previous race fees.

"In recent years, Monaco has paid only 12 million euros per year to Formula 1, and for decades it paid nothing at all," Bild reported. "Now the Principality has to dig deeper into its pockets. Monaco will now spend 25 million euros annually on the spectacle."

The negotiations leading to this extension were reportedly tense. According to La Gazzetta dello Sport, "The signing comes after months of discussions that had cast doubt on the future of the Monegasque event."

Previously, Monaco benefited from a "historic event" status under a contract that expires in 2025, reportedly paying approximately $15 million annually—less than any other circuit on the calendar.

However, concerns about losing the grand prix or a potential rotation of European races prompted the Automobile Club of Monaco and Prince Albert to hold discussions with Domenicali. The result was a renewed deal with a nearly $30 million annual price tag.

"The risk of losing the grand prix and recent rumours of a possible rotation of European races have pushed the Automobile Club (of Monaco) and Prince Albert to meet Stefano Domenicali, securing the GP until 2031 for almost $30m per season," La Gazzetta dello Sport added.