Formula 1 has confirmed that the Monaco Grand Prix will remain on the calendar until at least 2025 following the signing of a new contract with race organisers.
Formula 1 will continue to visit Monaco until at least 2025 after race organisers, the Automobile Club of Monaco (ACM), signed a new three-year contract to keep the prestigious Monaco Grand Prix on the calendar.
News of the circuit’s contract extension coincided with Formula 1 announcing a record-breaking 24-race calendar for 2023. The Monaco Grand Prix will take place as the eighth round of the season next year on May 28, forming the second stage of a triple header with the Emilia Romagna and Spanish Grands Prix.
Speaking about the new deal, Formula 1 CEO Stefano Domenicali said:
“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 May 28. 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 race had been the subject of intense media speculation in recent months. Monaco Grand Prix organisers last signed a new deal in 2011. The ten-year contract came to an end after the 2022 event. The 2022 Monaco Grand Prix was won by Sergio Perez, who became the 36th driver to win at the venue in its illustrious F1 history.
Why was Monaco’s future in doubt?
The Monaco Grand Prix has long attracted criticism for its lack of overtaking possibilities and often processional races. However, according to reports, these are not Formula 1’s main concerns with the future of the event.
Monaco has not conformed to certain rules which are in place for other Grands Prix. Monaco pays a much lower race hosting fee than other events on the calendar. The figure is understood to be around half of what other venues pay.
Furthermore, Formula 1 has little control over which brands display advertising boards trackside. In 2022, Monaco had a deal in place with TAG Heuer, a direct competitor of official Formula 1 sponsor and timekeeper Rolex. In addition, the television broadcast of the Monaco Grand Prix is produced locally rather than by Formula One Management (FOM).
Negotiations on securing the event’s future are likely to have been based around compromises on the issues listed above. As a result of an increased hosting fee, fans could witness price hikes on tickets for the 2023 event of around 30% compared to 2022.
Nevertheless, both Formula 1 and the Automobile Club of Monaco seem pleased to have secured a new deal. Michel Boeri, President of the ACM, already has an eye on the future beyond 2025, saying in a statement:
“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.”
Monaco’s place in Formula 1 folklore
The Monaco Grand Prix has appeared on the calendar 68 times. Only the Italian and British Grands Prix, having been on the schedule every single season, have made more appearances. Meanwhile, Monza is the only circuit which has been raced on more times than Circuit de Monaco. The track had an unbroken run of appearances on the calendar in every season between 1955 and 2019. The circuit’s record-setting run came to an end in 2020 as a result of the coronavirus pandemic.
Monaco was not the only legendary venue which had to secure a new contract to remain on the schedule in 2023. Spa-Francorchamps, host of the Belgian Grand Prix, was also out of contract after the 2022 event. However, just hours before the 2022 Belgian Grand Prix began, Formula 1 announced a single-year contract extension for Spa.
