Italian Grand Prix close to being saved

Good news for true F1 fans: the Italian Grand Prix at Monza, one of the few landmark races left, is set to be saved.

The present and future of the iconic event had been put in jeopardy by the increased financial demands of Bernie Ecclestone, who is unhappy with the current contract which is set to expire after the 2016 race. As a result, immediately after his appointment as new head of ACI Milan - the body which manages the circuit - Ivan Capelli started a pro-Monza lobbying campaign, which has proven effective.

The Lombardy regional government agreed some months ago to grant a €70million contribution to the track. In exchange, it will become co-owner of the Parco and Villa of Monza, alongside the cities of Milan and Monza.

Unfortunately, a last hurdle came into the way of this solution. Having a real estate property dimension, the transaction entailed the payment of taxes and registration rights up to €20million, a price that the region could not justify from a political stand point. An attempt to “detax” the deal, at the end of 2014 failed, as the Italian government refused the rationale.

However, the cabinet of Matteo Renzi has since changed its approach. Now, the Monza deal is confirmed to be on the list of exceptions attached to the decree amending the national budget that the lower house of Parliament is starting to debate and vote this week.

By Alfredo Filippone

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