Monaco renews its F1 GP until 2031, agreeing to a doubled annual fee of €25 million after months of intense negotiations.
The Monaco Grand Prix organizers have agreed to double the annual race fees to secure a new deal with Formula 1.
The sport and its governing body, the FIA, hailed the renewal of the Monaco GP agreement until 2031 on Thursday, with F1 CEO Stefano Domenicali expressing his delight that Formula 1 would remain in the Principality.
However, according to multiple sources, including Radio Monte Carlo, Bild, and La Gazzetta dello Sport, the deal comes at a much higher cost for Monaco.
“In recent years, Monaco paid only €12 million per year to Formula 1, and for decades, it paid nothing at all,” reported the German newspaper.
“Now, the Principality must dig deeper into its pockets. Monaco will now spend €25 million per year for the event.”
This amount is still in line with what some other European races pay, but the negotiations between Monaco and F1 were challenging.
“This agreement comes after months of discussions that cast doubt on the future of the Monaco event,” stated La Gazzetta dello Sport.
“The previous contract, expiring in 2025, recognized the GP as a ‘historic event,’ and the organizers paid approximately €12 million to host the race, less than any other circuit on the calendar.”
“The risk of losing the Grand Prix and recent rumors of a possible rotation of European races prompted the Automobile Club de Monaco and Prince Albert to meet with Stefano Domenicali, securing the GP until 2031 for €25 million per season.”
Monaco is also compelled to move its Grand Prix to early June, possibly to align Miami and Montreal on the calendar and reduce travel (and emissions) for the F1 circus.
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Monaco Secures GP Until 2031 with €25M Annual Fee Monaco Secures GP Until 2031 with €25M Annual Fee
