Monza has secured its place on the Formula 1 calendar until 2031 with a new deal that involves a significant increase in the annual hosting fee, mirroring a recent agreement with Monaco.
The Italian Grand Prix venue's existing contract was set to expire in 2025, but the new agreement extends Monza's presence on the F1 schedule by six additional years. Like Monaco, Monza agreed to a much higher fee to safeguard its future amid growing concerns about a potential race rotation scheme proposed by F1 owner Liberty Media.
"We must thank the valuable and decisive contribution of the current president and CEO of Formula 1 Group, Stefano Domenicali, who made this contract extension possible," said Angelo Sticchi Damiani, head of the Italian automobile club.
According to La Gazzetta dello Sport, the new deal is valued at approximately €180 million, averaging €30 million per race. The agreement also includes a clause for an annual fee increase over the contract's duration. By the end of the deal in 2031, the total cost will have risen to around €180 million in total, the report clarified.
Monza's commitment to modernizing its facilities played a crucial role in securing the extension.
"The signature came after the end of the modernization works that the (club) had undertaken in recent months, completed in record time," reported La Gazzetta.
This agreement underscores the increasing financial pressures on traditional circuits to remain on the F1 calendar as newer venues and lucrative markets enter the fold.
Monza, often referred to as the "Temple of Speed," has been an integral part of Formula 1 since the championship's inception in 1950, hosting a race every year except 1980 due to renovations.
The deal echoes a similar arrangement with Monaco, whose new contract through 2031 reportedly doubled its annual fee to maintain its prestigious place in the championship. Other iconic venues, including Barcelona, Zandvoort, and Spa-Francorchamps, remain at risk of being rotated under Liberty Media's proposed scheduling strategy. body check tags ::
