The Monza circuit will receive €20million of investment. Monza receives €20million funding boost.

It has been confirmed that the Monza track will receive €20million of investment, which will be spread out over the next two years. Autodromo Nazionale di Monza is one of the most iconic circuits on the Formula 1 calendar, having hosted every Italian Grand Prix since 1950, except only for the 1980 event.

Formula 1 recently signed a new contract with Monza to host the Italian Grand Prix through to at least 2025 and now government funding has been provided in order to support the venue’s plans to upgrade the pedestrian subways and some parts of the track, as well as support the hosting of the 2022 Italian Grand Prix, which will celebrate the 100th anniversary of the Monza circuit.

The first part of funding will be available in 2022, that totaling €5m, with the other €15m set to arrive the following year.

Italian daily newspaper La Gazzetta dello Sport inform that the Budget Commisions’ amendment to the Financial Bill, earmarking this funding for Monza, was approved on December 21, and the final ‘green light’ from the Chamber should arrive soon. Their report references a note from Senator Romeo, who explained that the goal of the funding is to support Monza for the “100th anniversary of the Autodromo, a national monument of Italian motor racing”.

“The resources will be used to modernise the circuit in view of its centenary and for the Formula 1 Grand Prix. Having an avant-garde structure for a facility that is a symbol throughout the world is a calling card for Monza, for Lombardy and for the whole country.”

According to Giuseppe Redaelli, president of the Sias company that manages the Monza facility, the funding will also be vital to help cushion the losses experienced by staging the 2021 Italian Grand Prix.

Fans were not allow to attend in high numbers due to the COVID restrictions: just 46,000 could watch the track actions from the stands during the three-day weekend, which generated a loss of €15m, rising to €19m when the financial outlay from “other events and management costs” were added.

Angelo Sticchi Damiani, president of the Automobile Club of Italy, said that work is set to start from the end of the winter, concluding in the summer prior to the 2022 Italian Grand Prix, with a total estimated cost of “a little under €100 million”.

Monza has already announced a new logo to celebrate 100 years in existence.