F1 News
Monza hopeful of new F1 deal by July
- Jake Williams-Smith
The long-term future of the Italian Grand Prix looks to be safe with a deal between race organiser Automobile Club of Italia and Liberty Media reportedly agreed upon.
One of Formula 1's oldest and most historic venues had been in danger of slipping off the calendar citing rising hosting costs and a contract that had been set to expire and negotiations with F1's new owners not going smoothly.
According to ACI president Angelo Sticchi Damiani, the negotiation over a new deal for Monza to host the Italian Grand Prix had almost broken down however a new deal to keep the event at the "Temple of Speed" was all but signed.
"We started with a very demanding contract, signed in 2016 when we were in a position of weakness, with Bernie Ecclestone expecting to leave F1 and wanting to increase the value of his business," he told La Gazzetta dello Sport.
"It was difficult, they were determined and they mentioned a long list of venues waiting to join F1, talks almost broke down two or three times.
"The financial agreement is confidential but compared to their initial demands, we saved a lot of money.
"They wanted more than €24 million but we closed the deal for a lower figure for five years. It's a very good contract and I thank them because they realized the importance of Monza.
"The contract will take about a month to close, it's complicated, with additions and many aspects to work out. But I hope it will all be done by the summer holidays and by the end of July."