F1 Racing

F1 News: Monza to host Italian GP for the next three years

Photo courtesy: Dino246/Wikipedia

The Italian Grand Prix will remain at Autodromo Nazionale Monza for the next three years. The Automobile club d’Italia (ACI) signed a deal with Bernie Ecclestone, Formula One (F1) boss to keep the country’s race on the calendar.

“Despite thousands of difficulties and, with a lot of work, we’ve reached the definitive signing of the Monza contract. With this we have just got rid of the awful idea that after 70 years Italy could lose one of the most prestigious, historic and fascinating car races in the world.” Angelo Sticchi Damiani, ACI president said, as reported by FOX Sports.

Both Sticchi and Ecclestone had verbally agreed upon a deal back in September. However, a formal contract was not signed with the deal being delayed by legal wranglings.

Autodromo Enzo e Dino Ferrari, the circuit near Imola had taken legal action. They felt that it was not legitimate for the ACI to award government backing to Monza by providing funds to organize the Italian GP and not them, according to AUTOSPORT.

However, Imola later withdrew its objection ahead of a court hearing on October 26, 2016.

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“Signed! Formula One boss Bernie Ecclestone and ACI President Angelo Sticchi Damiani yesterday signed the agreement to keep the Italian Grand Prix on the F1 calendar for the next three years” the ACI said in a statement.

Details of the Monza deal

The details of the deal with Monza are yet to be announced. However, insiders suggest that the deal is worth $72 million. It is slightly less that the suggested $25 million per race by Ecclestone.

Nico Rosberg won the 2016 version of the event. The next year’s Italian GP is scheduled for Sept 3, 2017.

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Monza initially hosted the Italian GP in 1921. It is the oldest races on the F1 calendar. The circuit was part of the inaugural F1 world championship held in 1950, as reported by Sport24.

Monza has held every Italian GP until now since 1950. The only exception was in 1980, when Imola hosted the event.

Video courtesy: YouTube.com/Barney Ward

Photo courtesy: Dino246/Wikipedia

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