New Monza contract still 'far away' says ACI president

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Angelo Sticchi Damiani - the president of the Automobile Club d'Italia - says a renewal of Monza's contract with Formula 1 is still "far away" as cost remains at the center of the discussions between the two parties.

The Italian Grand Prix's current contract with The Formula One Group, which was secured by Bernie Ecclestone, expires after this year's race.

While talks are ongoing, Monza appears reluctant to commit to a new deal without a decrease of its hefty franchise fee.

Formula 1's promoters aren't happy with Liberty Media!

"Renewal is far away but we are confident that a solution can be found in the interests of all," Sticchi Damiani told Italy's Corriere della Sera. "Monza is keen to host F1, so for F1 it is important to have Monza.

"For the 2019 edition we will pay 24 million dollars, a very high price.

"We want to continue, but only with an economically sustainable framework, we cannot put ACI's budget at risk."

According to the Corriere della Sera's report, Liberty Media is seek a 122.5 million euro five-year deal that would run from 2020 to 2024, an amount that surpasses the ACI's means.

Despite a growth in attendance enjoyed by last year's race, the event failed to turn a profit. ACI's president sees the arrival of new races on the F1 calendar - like Vietnam - where promoters are ready to sign a blank check as only adding to the difficulties of venue's such as Monza.

Sticchi Damiani added that the Italian Grand Prix also relies on subsidies from the Lombardy region, without which "we wouldn't be able to do it alone," said the ACI boss.

As a reminder, Monza is a member of the Formula One Promoters Association which earlier this week laid down a series of grievances directed towards Liberty Media.

Formula One CEO Chase Carey has insisted in the past that any expansion of the F1 calendar would not come to the detriment of the sport's historical roots.

Yet, F1's contract renewal negotiations with Silverstone and Monza are dragging on. Who will blink first?

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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.