Monza to get government funding boost for F1 race

Despite huge crowds, all F1 races lose $millions without government backing

(GMM) Monza's hopes of staying on the F1 calendar have received a financial boost.

Earlier, the future of the Italian grand prix looked in doubt.

But Germany's SID news agency claims that the Italian right-wing political party Lega brought a bill to parliament in Rome last Friday.

The bill called for Monza's race to be protected as a "traditional grand prix", and funded by to the state to the tune of EUR 10 million every year.

The Senate, which is controlled by Lega, is now set to vote on the bill.

Last year, the Italian grand prix at Monza recorded a EUR 12 million loss.

"The cost of the grand prix at Monza is too high for us," said Angelo Sticchi Damiani, boss of the Italian automobile club Aci.