Formula 1 News: New F1 deal sees Monza’s annual fee increase

(GMM) Like Monaco, another iconic and traditional Formula 1 venue, Monza, will have to pay more to safeguard its medium-term future on the calendar.

When Monaco’s new race deal through 2031 was unveiled recently, authoritative sources reported that the agreement includes a doubled annual race fee.

It is believed Monaco agreed to the much higher race fee out of concern the prestigious street race could have to be part of the expected race rotation scheme that is tipped to shortly be unveiled by F1 owner Liberty Media.

And now, with venues like Barcelona, Zandvoort and Spa-Francorchamps still at risk of the race-date rotation scheme, F1 has announced a new Monaco-like annual race contract through 2031 with Italian GP host Monza.

“We must thank the valuable and decisive contribution of the current president and CEO of Formula 1 Group, Stefano Domenicali, who made this contract extension possible,” said Italian automobile club chief Angelo Sticchi Damiani.

Monza’s existing contract with F1 was always set to run through 2025, so the new deal is for six additional grands prix through 2031.

La Gazzetta dello Sport claims the deal is “worth approximately 180 million euros”, or 30 million on average per race – reportedly a little higher than Monaco’s new deal.

The Italian newspaper added that the initial “annual amount will increase over the next seven years to around 180 million euros” in total.

“The signature came after the end of the modernization works that the (club) had undertaken in recent months, completed in record time,” La Gazzetta continued.

Monza has hosted a round of the modern Formula 1 world championship every year since its inception in 1950, except for 1980 due to renovation works.