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

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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

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