Privileges are diminishing for Monaco. For years, the Principality did not pay a single cent to host the Grand Prix in its domain. Considered one of the most prestigious stages of the circuit, the Monaco GP took a long time to reach an agreement with the FIA and Formula 1 to extend its contract. Finally, the different parties reached an agreement until 2031. However, according to Bild or La Gazzetta dello SportMonaco had to put its hand in its pocket.
An agreement worth around 25 million euros
If the organizers paid 12 million euros per year to Formula 1 in recent years, the German newspaper explains that the amount would have more than doubled. From now on, the Principality would spend 25 million euros to organize the event. In addition to this, Monaco will see the Grand Prix postponed to the beginning of June to reduce travel.
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To summarize
The organizers of the Monaco Grand Prix have agreed to pay a large amount to keep the race in Formula 1. The organizers would have paid 25 million euros per season to extend the contract.
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