Monza edges closer to new five-year F1 deal

Italian Grand Prix officials have moved a step closer finalising a deal to keep the race on the calendar until 2024 after agreeing financial terms with Formula 1’s chiefs.

Monza edges closer to new five-year F1 deal

This year’s Italian GP at Monza is the last under the terms of the current contract, and there had been fears that a lack of financing would leave the event unable to secure a new contract with Liberty Media.

Only recently the ACI, Italy motorsport’s federation, said it urgently needed 60 million Euros to help with renovation work its wants to complete before Monza’s centenary in 2022.

But with a more positive outlook on Tuesday, the ACI issued a statement saying that a new five-year contract was now close.

"ACI and Formula 1 have reached a general agreement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024", said the note.

"The General Council of the Automobile Club of Italy has therefore given its President Angelo Sticchi Damiani a mandate to continue negotiating with Formula 1 on all the technical and commercial aspects relating to the partnership, so as to reach, in a short time, the signing the contract and making the collaboration fully operational.”

Sticchi Damiani later confirmed the progress in his own tweet.

 

Translated, it reads: “A general agreement has been reached between @ACI_Italia and @F1 on the economic aspects of the collaboration contract for the #F1 GP at #Monza until 2024. We continue negotiating with @F1 to reach, in a short time, the signing of the contract.”

With the economic hurdle overcome, progress can be made in sorting out the other aspects of the deal to get it formally signed off.

The progress of Monza came on the same day that British Grand Prix host Silverstone moved to deny reports that it had concluded a fresh contract to keep the race until 2022.

Like Monza's current deal, Silverstone’s contract runs out at the end of this year. This is because the track activated a break clause in its previous deal because it could not afford the scale of the escalator fee.

The Northamptonshire track has been clear that it will not bankrupt itself to keep F1 but, despite lengthy talks, there has not yet been grounds to get the deal across the line.

In a tweet responding to reports that a new contract had been signed, Silverstone responded: “Unfortunately there is unsubstantiated news circulating this morning regarding the agreement of a new deal for the British Grand Prix at Silverstone. At this time we can confirm that we have not agreed a contract however talks are still progressing.”

 

shares
comments
Zandvoort in line to replace Barcelona on 2020 F1 schedule

Previous article

Zandvoort in line to replace Barcelona on 2020 F1 schedule

Next article

Russell relieved Baku F1 weekend is over

Russell relieved Baku F1 weekend is over
Load comments
What Verstappen is risking with his current stance on 2021 F1 world title defeat Prime

What Verstappen is risking with his current stance on 2021 F1 world title defeat

OPINION: Max Verstappen is back in the lead of the 2021 Formula 1 drivers’ championship, with the season’s final flyaway events set to get underway in the USA this weekend. But a defensive stance he’s recently adopted could have a lasting impact for the Red Bull driver when it comes to his chances of defeating Lewis Hamilton and Mercedes

The hidden Ferrari struggle that Sainz’s recent charge put to rest Prime

The hidden Ferrari struggle that Sainz’s recent charge put to rest

Despite appearing to adjust to life as a Ferrari driver with relative ease, it was far from straightforward under the surface for Carlos Sainz. But, having made breakthroughs in rather different routes at the Russian and Turkish races, he’s now targeting even greater feats for the rest of the Formula 1 season

The final throes of Brazil's fleetingly successful F1 team Prime

The final throes of Brazil's fleetingly successful F1 team

Emerson Fittipaldi is better remembered for his Formula 1 world championships and Indianapolis 500 successes than for the spell running his eponymous F1 team. Despite a hugely talented roll call of staff, it was a period of internal strife, limited funding and few results - as remembered by Tim Wright.

Formula 1
Oct 18, 2021
Why McLaren's expanding agenda will benefit its F1 resurgence Prime

Why McLaren's expanding agenda will benefit its F1 resurgence

In the 1960s and 1970s, McLaren juggled works entries in F1, sportscars and the Indy 500 while building cars for F3 and F2. Now it’s returning to its roots, expanding into IndyCars and Extreme E while continuing its F1 renaissance. There’s talk of Formula E and WEC entries too. But is this all too much, too soon? Stuart Codling talks to the man in charge.

Formula 1
Oct 17, 2021
How Tsunoda plans to achieve his F1 potential Prime

How Tsunoda plans to achieve his F1 potential

Yuki Tsunoda arrived in grand prix racing amid a whirlwind of hype, which only increased after his first race impressed the biggest wigs in Formula 1. His road since has been rocky and crash-filled, and OLEG KARPOV asks why Red Bull maintains faith in a driver who admits he isn’t really that big a fan of F1?

Formula 1
Oct 15, 2021
The danger of reading too much into F1's clickbait radio messages Prime

The danger of reading too much into F1's clickbait radio messages

OPINION: After Lewis Hamilton responded to reports labelling him 'furious' with Mercedes following his heated exchanges over team radio during the Russian Grand Prix, it provided a snapshot on how Formula 1 broadcasting radio snippets can both illuminate and misrepresent the true situation

Formula 1
Oct 14, 2021
How F1’s pole winner approach undermines drivers Prime

How F1’s pole winner approach undermines drivers

OPINION: Valtteri Bottas is credited with pole position for the 2021 Turkish Grand Prix, despite being beaten in qualifying. This is another example of Formula 1 and the FIA scoring an own goal by forgetting what makes motorsport magic, with the Istanbul race winner also a victim of this in the championship’s recent history

Formula 1
Oct 13, 2021
Turkish Grand Prix driver ratings Prime

Turkish Grand Prix driver ratings

On a day that the number two Mercedes enjoyed a rare day in the sun, the Turkish Grand Prix produced several standout drives - not least from a driver who has hit a purple patch of late

Formula 1
Oct 11, 2021