ACI and Formula 1 reach agreement over 2020-24 Monza deal

The Automobile Club d’Italia has confirmed that it has reached an agreement with Formula 1 over keeping the Italian Grand Prix at Monza through 2024.

Monza, located to the north of Milan, first held the Italian Grand Prix in 1922 and has been on the calendar for each Formula 1 season, bar 1980, when the circuit was renovated.

Monza’s current contract will expire at the end of the current year, after a short-term deal was agreed with Formula 1 owners Liberty Media’s predecessors back in 2016.

The ACI have repeatedly expressed a desire to keep the event at Monza, under improved financial conditions, and on Tuesday confirmed that a “general agreement” between the respective parties has been agreed.

It means negotiations can continue with the intention of a new five-year deal being formally signed.

“ACI and Formula 1 have reached a general agreement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024,” read a statement issued to Motorsport Week.

“The General Council of the Automobile Club of Italy has therefore given a mandate to the President Angelo Sticchi Damiani to continue the negotiation with Formula 1 on all the technical and commercial aspects related to the partnership, in order to reach, in a short time, to sign the contract and make the collaboration fully operational.

This year’s Italian Grand Prix will take place from September 6 to 8.