Formula 1 has announced a new agreement with the Automobile Club de Monaco that will see the iconic Monaco Grand Prix remain on the F1 calendar until 2031.
For decades, Monaco has been synonymous with F1 glamour, but as the narrow, winding streets of Monte Carlo have struggled to deliver overtaking opportunities and excitement, speculation had grown that the race's future might be at risk.
However, with this new six-year agreement in place, F1 and the Principality of Monaco have solidified their partnership for years to come.
"I'm delighted that Formula 1 will continue to race in Monaco until 2031," said F1 CEO Stefano Domenicali.
"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.
"I would like to extend a special thanks to HSH Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco and everyone involved in the extension of this important partnership."
One of the key changes in the new contract includes a shift in Monaco's race date.
Starting in 2026, the Monaco Grand Prix will move from its traditional end-of-May slot to the first weekend of June, avoiding a clash with the Indianapolis 500, another major event in global motorsport.
In addition, Monaco is believed to have agreed to a significantly higher franchise fee to secure its place on the F1 calendar.
However, according to Motorsport.com , this fee hike will likely be offset by F1's recent commercial deal with luxury conglomerate LVMH, a move that enhances the Monaco Grand Prix's appeal and aligns with the glamor associated with both the glitzy Principality and high-end brands .
“The signing of this new agreement with the Formula One Group until 2031 not only confirms the strength of our relationship but reaffirms our commitment to offering all visitors an unrivalled, first-class experience at race weekends,” commented ACM president Michel Boeri.
“The Monaco Grand Prix is the most important sporting event here and continues to attract hundreds of thousands of spectators to the Principality and millions of global television viewers worldwide.”
First held as part of the inaugural Formula 1 World Championship in 1950, and a mainstay on the calendar since 1955, the Monaco Grand Prix is steeped in F1 history.
Under the new deal, F1 has agreed to accept Monaco's layout limitations, meaning the 3,337km track itself is unlikely to change before the event's new contract expires.
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