Monaco GP organisers have agreed to pay double the annual race charges so as to safe a brand new Components 1 race deal.
The game, and its governing physique, the FIA, on Thursday hailed the renewal of the Monaco GP deal via 2031, with F1 CEO Stefano Domenicali declaring he’s “delighted” Components 1 will stay within the Principality.
However in keeping with a number of authoritative sources, together with Radio Monte Carlo, Bild newspaper and La Gazzetta dello Sport, the deal is costing Monaco much more.
“In recent times, Monaco has paid solely 12 million euros per 12 months to Components 1, and for many years it paid nothing in any respect,” the German newspaper Bild mentioned.
“Now the Principality has to dig deeper into its pockets. Monaco will now spend 25 million euros yearly on the spectacle.”
It’s rumoured that the negotiations between Monaco and F1 had been tough. “The signing comes after months of discussions that had forged doubt on the way forward for the Monegasque occasion,” La Gazzetta dello Sport claims.
“The earlier contract, expiring in 2025, recognised the GP as a ’historic occasion’, and the organisers paid round $15 million to host the race, lower than some other circuit on the calendar.
“The chance of dropping the grand prix and up to date rumours of a doable rotation of European races have pushed the Vehicle Membership (of Monaco) and Prince Albert to fulfill Stefano Domenicali, securing the GP till 2031 for nearly $30m per season.”