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Monza on the verge of new five-year contract with F1

Monza is set to remain the home of the Italian Grand Prix until at least 2024, with an agreement close to being signed by the Automobile Club d'Italia and The Formula One Group.

Monza's current contract will expire at the end of this year and while the ACI was keen to extend its deal with F1 it also sought a reduction of its franchise fee.

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According to the ACI, negotiations have now come to a head, with a satisfactory outcome for both parties.

"ACI and Formula 1 have reached a general agreement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024," said the ACI in a statement released on Tuesday.

"The General Council of the Automobile Club of Italy has therefore given a mandate to the President Angelo Sticchi Damiani to continue the negotiation with Formula 1 on all the technical and commercial aspects related to the partnership, in order to reach, in a short time, the sign the contract and make the collaboration fully operational."

Monza has been the historic home of the Italian Grand Prix since the inception of the F1 world championship in 1950.

Liberty Media has been favouring an expansion of the F1 calendar in Asia, but the sport's commercial rights holder also wants to retain a number of "core" historic races on the European continent.

In addition to Monza, Liberty is also expected to soon sign a new deal with Silverstone, thus securing the future of Grand Prix racing's two oldest events.

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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.