Organizers of the Monaco Grand Prix have agreed to pay double the annual race fees in order to secure a new deal with Formula 1.
The sport and its governing body the FIA on Thursday welcomed the renewal of the Monaco GP deal until 2031, with F1 CEO Stefano Domenicali saying he was delighted Formula 1 would remain in the Principality ( read here).
But according to several sources, including Radio Monte Carlo, the Bild newspaper and La Gazzetta dello Sport, the deal costs Monaco much more.
“In recent years, Monaco has only paid 12 million euros per year to Formula 1, and for decades it paid nothing at all,” reports the German newspaper.
“Now the Principality must dig deeper into its pockets. Monaco will now spend 25 million euros per year on the show.”
However, this remains an amount consistent with what certain European races pay. But the negotiations between Monaco and F1 were difficult.
“This signing comes after months of discussions which had cast doubt on the future of the Monegasque event,” affirme La Gazzetta dello Sport.
“The previous contract, expiring in 2025, recognized the GP as a 'historic event', and organizers paid around 12 million euros to host the race, less than any other circuit on the calendar.”
“The risk of losing the Grand Prix and recent rumors of a possible rotation of European races pushed the Automobile Club of Monaco and Prince Albert to meet with Stefano Domenicali, securing the GP until 2031 for 25 million 'euros per season.'
Monaco is also forced to move its Grand Prix to the beginning of June, possibly to bring Miami and Montreal together on the calendar and thus reduce travel (and pollution) for the great F1 circus.
