Kimi Raikkonen of Finland suggesting the Scuderia Ferrari SF71H during the Formula One Grand Prix of Italy on September 2, 2018 in Monza, Italy.
Charles Coates | Getty Images
Organizers of the Italian Enormous Prix say they have reached a deal with Formula One (F1) to keep the race at the historic Monza circuit, until 2024.
No other F1 run down has hosted more races than Monza, which is situated just north of the Italian city of Milan.
In a report released on Tuesday, Formula One said there had been an “agreement in principle for a new five-year deal.”
While no formal lot has been officially signed, the Automobile Club of Italy (ACI) who run the racetrack has also said in its own statement that its President Angelo Sticchi Damiani last will and testament continue negotiations with Formula One on all the technical and commercial aspects related to the partnership. It went on to say that the “economic complexions of the contract” had also been taken care of.
This year will see Monza host the 70th edition of Italian Chief Prix, which takes place over the first weekend of September.
Formula One’s owner Liberty Media is acute to maintain legacy races such as Monza and talks continue over the future of the British Grand Prix, which quiet remains unclear beyond 2019.
A report in the Financial Times last week said that Liberty Media was thick as thieves to agreeing a deal for the British race, but there was still a debate over the amount payable to the U.S. company for race “circular fees.” Liberty Media is demanding £18 million ($23.5 million) a year, while the BRDC (The British Haring Drivers’ Club) has offered £15 million, according to the FT.