Just a few hours after the calendar for the 2023 Formula 1 season was officially confirmed, former Ferrari boss and current Formula 1 chief executive officer also announced that the Monaco Grand Prix will remain on the F1 calendar until 2025 after signing a three-year contract extension.
Speaking of the news, Formula 1 CEO Stefano Domenicali confirmed:
“I am pleased to confirm that we will be racing in Monaco until 2025 and excited to be back on the streets of this famous Principality for next year’s Championship on the 28th May. I want to thank everyone involved in this renewal and especially H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco and all his team. We look forward to being back next season to continue our partnership together.” – the former Ferrari boss explained.
Michel Boeri, President of the Automobile Club of Monaco, added: “In the interest of the Formula One World Championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula One, and likely to be renewed. The 2023 Formula One Monaco Grand Prix will be held on Sunday 28th May, 2023.”
On the race hosting fee, it is understood that Monaco’s annual fee, believed to be around $15 million, was around half of what many other venues delivered – so Formula 1 was eager for it to be more in line with what it gets elsewhere. But F1’s frustrations with Monaco were not just limited to the fee. There was annoyance about the nature of the TV direction, which had traditionally been done by a local director rather than the regular F1 TV personnel. In addition to this, Formula 1 was not so happy that Monaco regularly did its own trackside advertising deals, and sometimes with sponsors that clashed with some of the series’ highest profile partners.
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