The Monaco Grand Prix has secured its long-term future on the F1 calendar - reportedly doubling its money to guarantee its place.
The contract was up for renewal at the end of next year's event, but F1 CEO Stefano Domenicali, Automobile Club de Monaco head Michel Boeri, and the principality's ruler, Prince Albert, met this week to complete a deal that also involves a date change.
Traditionally staged on the final weekend of May, the race will now move to the first weekend in June from 2026 when the new six-year agreement through to 2031 commences.
It is understood Prince Albert has also agreed to demands from F1 to pay more to host the race, which had been a sticking point in previous negotiations.
It is understood the oldest race on the F1 calendar will now pay a fee of £25 million per year to stage the event. The previous figure was £12million.
A statement from F1 read: "As Formula 1 experiences significant growth around the world, the appeal of the Monaco Grand Prix
continues to be felt.
"The 2024 grand prix weekend was watched by a cumulative audience of over 70m fans and was the most-watched edition of the race in US history, and the third most-viewed F1 race of all time in the US.
"With this agreement the Automobile Club of Monaco, in coordination with the Principality, has made a significant commitment to Formula 1’s sustainability endeavours and its ambition to create a calendar which is sustainable for all stakeholders.
"From 2026, the Monaco Grand Prix will be contested on the first full weekend in June each year. The 2025 Monaco Grand Prix will take place next year from 23-25 May and will mark the 75th anniversary of the race’s official F1 debut."
Expressing his delight with the deal, Domenicali said: "The streets of Monte Carlo are unique and a famous part of Formula 1, and the Monaco Grand Prix remains a race that all drivers dream of winning.
"I would like to extend a special thanks to H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco, and everyone involved in the extension of this important partnership.
"This agreement signals a new era of partnership and innovation between Formula 1 and Monaco. It is the future-focused leadership of H.S.H. Prince Albert II of Monaco which will allow us to create an optimised calendar, which reduces pressure on logistics, and to decrease the environmental impact of our global Championship, as we continue the path towards our Net Zero goal by 2030."
Boeri also praised Prince Albert for his role in the negotiations, adding: "The signing of this new agreement with the Formula One Group until 2031 not only confirms the strength of our relationship but reaffirms our commitment to offering all visitors an unrivalled, first-class experience at race weekends.
"The Monaco Grand Prix is the most important sporting event here and continues to attract hundreds of thousands of spectators to the Principality and millions of global television viewers worldwide."
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