'Future of Monaco GP under pressure again with this Liberty Media demand'
F1 News
- Ludo van Denderen
The future of the Monaco Grand Prix is once again in doubt. Liberty Media, the owner of Formula 1, wants the race organisers through the principality to pay more than the current $20 million a year if the contract is to be extended beyond 2025. The Bloomberg news agency reports this based on anonymous sources who are said to be close to the negotiations.
Monaco pays the lowest entrance fee of all 24 Grands Prix on the F1 calendar. Liberty Media wants to raise that amount for the next contract, as the company also knows that the Monaco region massively benefits financially from Formula 1's arrival. Apparently, the US company sees evidence in this that a higher fee is justifiable, although it is not clear what amount Liberty Media has in mind. Both the Formula 1 spokesperson and also the Automobile Club de Monaco - the race organiser - declined to comment when asked.
Monaco has competition from Bangkok
Liberty Media's negotiating position is quite strong. While Monaco is the crown jewel in the F1 calendar, it is certainly not uncontested. Races in the city-state are usually very boring, as overtaking is not possible there. Moreover, there are plenty of candidates eager to host an F1 race, even for a considerably higher fee. Last week, for instance, after a visit to the Imola Grand Prix, a Thai minister said that he was in talks about a race through the streets of Bangkok.
The organisers of the Monaco Grand Prix are known for being conservative. They prefer to change as little as possible about the GP weekend because of the history the race brings with it. Until recently, Monaco also had an exceptional position in terms of TV coverage. Indeed, the principality was allowed to provide their own live coverage, whereas at other races this was done by a permanent Liberty Media team. Only after long discussions did this agreement come to an end.