Home » Italian Grand Prix Officials Agrees on Financial Terms with Formula 1’s Chiefs

Italian Grand Prix Officials Agrees on Financial Terms with Formula 1’s Chiefs


Italian Grand Prix officials have agreed on financial terms with Formula 1’s chiefs. However, there had been fears that a lack of financing would leave the event unable to secure a new contract with Liberty Media. The 2019 Italian GP at Monza is the last under the terms of the current agreement.

Earlier, Italy motorsport’s federation said it urgently needed 60 million Euros to help with renovation work it wants to complete before Monza’s anniversary in 2022. But with a more positive outlook on Tuesday, the ACI issued a statement saying that a new five-year contract was now closed.

The Automobile Club of Italy’s General Council has given its President Angelo Sticchi Damiani the go-ahead in negotiation with Formula 1 on all the technical and commercial aspects relating to the partnership. This will enable signing the contract and making the collaboration fully operational in a short time.

It was the same day that British Grand Prix host Silverstone moved to deny reports and the progress of Monza, that it had concluded a new contract to keep the race until 2022. Silverstone’s contract runs out at the end of this year as the track activated a break clause in its previous deal because it could not afford the scale of the escalator fee.

Despite protracted talks, the Northamptonshire track has been definite that it will not bankrupt itself to keep F1 though there have not yet been grounds to get the deal across the line.

Source: https://www.msn.com/en-us/sports/motorsports/monza-edges-closer-to-new-five-year-f1-deal/ar-AAAJCw8

About the author

Isaac Munga

Isaac Munga

I am a person with sound background in imparting knowledge. I enjoy the challenges of a busy and demanding work environment, self motivated and work under minimum supervision. I always seek the position of responsibility, professional development and growth opportunity.

Uphold the ethics of my profession by distinguishing myself with absolute integrity and striving to work within the confines of my employer’s policies and procedures. I use my education and experience to work towards improving human clause.

Add Comment

Click here to post a comment

The following GDPR rules must be read and accepted:
This form collects your name, email and content so that we can keep track of the comments placed on the website. For more info check our privacy policy where you will get more info on where, how and why we store your data.

Trending Now