Formula One reaches agreement to keep the Italian Grand Prix at Monza until 2024

Kimi Raikkonen of Finland driving the Scuderia Ferrari SF71H during the Formula One Grand Prix of Italy on September 2, 2018 in Monza, Italy.
Charles Coates | Getty Images

Organizers of the Italian Grand Prix say they have reached a deal with Formula One (F1) to keep the race at the historic Monza circuit, until 2024.

No other F1 track has hosted more races than Monza, which is situated just north of the Italian city of Milan.

In a statement released on Tuesday, Formula One said there had been an "agreement in principle for a new five-year deal."

While no formal deal has been officially signed, the Automobile Club of Italy (ACI) who run the racetrack has also said in its own statement that its President Angelo Sticchi Damiani will continue negotiations with Formula One on all the technical and commercial aspects related to the partnership. It went on to say that the "economic aspects of the contract" had also been taken care of.

This year will see Monza host the 70th edition of Italian Grand Prix, which takes place over the first weekend of September.

Formula One's owner Liberty Media is keen to maintain legacy races such as Monza and talks continue over the future of the British Grand Prix, which still remains unclear beyond 2019.

A report in the Financial Times last week said that Liberty Media was close to agreeing a deal for the British race, but there was still a debate over the amount payable to the U.S. company for race "promotion fees." Liberty Media is demanding £18 million ($23.5 million) a year, while the BRDC (The British Racing Drivers' Club) has offered £15 million, according to the FT.

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