Monza needs €60 million for track renovation works

Monza, home of the Italian Grand Prix, is in desperate need of €60 million in government funding if it is to retain its place on the Formula 1 calendar and complete "urgent" track renovations.

The circuit announced plans last year to alter the layout of the famous Monza circuit ahead of its 100th anniversary in 2022. Those plans include removing a chicane to make the circuit quicker, but also repairs and renovation work to ensure the circuit doesn't fall into a poor state.

The circuit is also out of contract with F1 after this year's event, meaning any budget it has must go towards renewing its deal with Liberty Media.

Speaking at an event this week, Angelo Sticchi Damiani, President of the Automobile Club d'Italia (ACI), which runs the circuit, has called upon the government to provide the necessary funding to complete the works.

"The ACI is involved in the payment of the hosting fee to Liberty Media and cannot spend money on the very urgent renovation of the circuit," he said.

"We were able to find a budget with the help from the Lombardy region [to agree a new deal], but this expires this year and we have to renew for the next few years.

"It's an old track and it is close to reaching 100 years. The correct way to arrive at this date is to have the circuit up to [the standard of] its history.

"If some help could arrive from the Italian government for the circuit, it would be decisive in order to do everything we want to do."

Monza is one of several European races without a contract after the 2019 season, along with Germany, Spain and Britain.