Monaco pays a race fee - but it's low

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It is often rumored that Monaco enjoys the luxury of a Grand Prix without having to pay a race fee, because F1 needs the Principality more that it needs F1.

Commonly referred to as Grand Prix racings 'jewel in the crown', the event enjoys an incredible aura thanks to the glamour, prestige and glitz associated with Monte-Carlo.

But as opulent and princely the venue may be for Formula 1, it still has to pay a free to host its race, contrary to what many believe.

"That's just a rumour," Monaco's Prince Albert II told the FIA magazine Auto.

"Maybe the rights are less expensive than for other circuits, but there is a fee," he said.

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The Prince's comments come after the now-ousted F1 supremo Bernie Ecclestone recently admitted that he overcharged some race promoters.

But now it is confirmed that Ecclestone actually under-charged Monaco.

"Bernie was well aware what Monaco brought to Formula 1 -- he said it himself, as do the sponsors and drivers," Prince Albert added.

"He always took care of us, but he still made us pay what he reckoned was the right amount."

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.