Formula 1 News: Monaco to host F1 parade through 2031 (Update)

(GMM) Monaco GP organizers have agreed to pay double the annual race fees in order to secure a new Formula 1 race deal.

The sport, and its governing body, the FIA, on Thursday hailed the renewal of the Monaco GP deal through 2031, with F1 CEO Stefano Domenicali declaring he is “delighted” Formula 1 will remain in the Principality.

But according to multiple authoritative sources, including Radio Monte Carlo, Bild newspaper and La Gazzetta dello Sport, the deal is costing Monaco a lot more.

“In recent years, Monaco has paid only 12 million euros per year to Formula 1, and for decades it paid nothing at all,” the German newspaper Bild said.

“Now the Principality has to dig deeper into its pockets. Monaco will now spend 25 million euros annually on the spectacle.”

It is rumoured that the negotiations between Monaco and F1 were difficult. “The signing comes after months of discussions that had cast doubt on the future of the Monegasque event,” La Gazzetta dello Sport claims.

“The previous contract, expiring in 2025, recognised the GP as a ‘historic event’, and the organisers paid around $15 million to host the race, less than any other circuit on the calendar.

“The risk of losing the grand prix and recent rumours of a possible rotation of European races have pushed the Automobile Club (of Monaco) and Prince Albert to meet Stefano Domenicali, securing the GP until 2031 for almost $30m per season.”

Annually Formula 1 brings it cars, teams and drivers to parade single-file around the tight and narrow streets of Monaco, and it will continue to do so through 2031.

Formula 1 signed a new 6-year extension rumored to be worth $32 million per year.

The date of the race moves from the end of May to the first week of June from 2026. However, However, the track layout around Monaco’s ribbon of tarmac will not change. Formula One bosses have accepted that it is impossible to remodel the circuit despite the iconic venue struggling to offer overtaking opportunities given the larger size of modern F1 cars.

Prince Albert, Monaco’s ruler, and Stefano Domenicali, F1’s chief executive, met this week in Monaco, along with long-serving head of the influential Automobile Club de Monaco Michel Boeri, to complete the deal.

Press Release

Formula 1 will continue to race around the streets of Monaco until 2031 inclusive, following a six-year extension to the existing agreement with the Automobile Club of Monaco (ACM) that runs through the 2025 season.

Part of the first Formula 1 World Championship calendar back in 1950 and present since 1955, the Monaco Grand Prix is one of the most famous sporting events in the world and the ultimate test of concentration and skill for F1 drivers.

Located on the banks of the French Rivieria, the field must navigate the scenic streets of Monte Carlo, tackling the slowest corner on the F1 circuit, the Loews Hairpin, and the iconic Casino Square and Swimming Pool sections.

Five of the current F1 grid sit alongside legends including Ayrton Senna, Alain Prost, Michael Schumacher and Niki Lauda in having triumphed around the 3.3km circuit.

Fernando Alonso, Lewis Hamilton and Max Verstappen have all won multiple times, alongside Sergio Perez and hometown hero Charles Leclerc – who created history this year when he became the first Monegasque to win the Grand Prix in F1 history.

As F1 experiences significant growth around the world, the appeal of the Monaco Grand Prix continues to be felt. The 2024 weekend was watched by a cumulative audience of over 70 million fans and was the most watched edition of the race in US history, and the third most-viewed F1 race of all time in the US.

With this agreement, the Automobile Club of Monaco, in coordination with the Principality, has made a significant commitment to F1’s sustainability endeavours and its ambition to create a calendar which is sustainable for all stakeholders.

The 2025 Monaco Grand Prix will take place from May 23-25 next year and will mark the 75th anniversary of the race’s official F1 debut, while from 2026, the event will be contested on the first full weekend in June each year. [Editor’s Note: It is rumored the Canadian GP will take Monaco’s traditional late May date and be paired with the Miami GP]

“I’m delighted that Formula 1 will continue to race in Monaco until 2031,” said Stefano Domenicali, President and CEO of Formula 1. “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.