Contract extended
F1: Monaco pays twice as much to stay involved
An absolute classic is staying in Formula 1. However, the Principality of Monaco will pay twice as much in future to keep the GP on the racing calendar.
The contract between F1 and the Automobile Club of Monaco (ACM), which expires in 2025, has been extended by six years until 2031. What is new is that the Grand Prix will be moved back slightly from 2026, to the first week of June. This will avoid a collision with the Indianapolis 500.
And as the Daily Mail reports, the Principality will pay around 30 million euros a year to the premier class in future, double the previous amount.
"I am delighted that Formula 1 will continue to race in Monaco until 2031. The streets of Monte-Carlo are unique and a famous part of Formula 1, and the Monaco Grand Prix remains a race that all drivers dream of winning. My special thanks go to H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco, and all those involved in the renewal of this important partnership," F1 CEO Stefano Domenicali is quoted as saying in the press release.
Very popular
The 2024 Grand Prix in the Principality was watched by 70 million people worldwide and was the third most watched race ever in the USA, according to a statement from Formula 1. The Monaco Grand Prix is the "most important sporting event" in Monaco and attracts "hundreds of thousands" of spectators every year as well as "millions of TV viewers worldwide".
However, many fans will not be enthusiastic about the deal, as the track layout is not to be changed and there are usually very few overtaking maneuvers in Monaco.
The circuit was already raced on in 1950 in the first year of the World Championship. The race in the Principality has been a fixture on the racing calendar since 1995, but the 2020 Grand Prix was canceled due to the coronavirus pandemic.
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