MONZA SAFE: Monza will continue to host the Italian F1 GP for the next three seasons. Image: AP / Andrej Isacovic
Rome - The Italian Grand Prix will remain at the Monza circuit for at least another three years after a new deal was signed to retain the historic race in the Formula 1 calendar, the Automobile Club of Italy (ACI) said on Tuesday (November 28).
Organisers had been confident of sealing the contract worth €68-million after successful negotiations with F1's commercial supremo Bernie Ecclestone in September.
The ACI said in a statement: "Signed! F1 boss Bernie Ecclestone and ACI President Angelo Sticchi Damiani yesterday signed the agreement to keep the Italian Grand Prix on the F1 calendar for the next three years.
"We've managed to avoid the terrible hypothesis of seeing Italy lose after 70 years one of the most prestigious, historic and exciting car races in the world."
READ: Bernie Ecclestone the best negotiator around - Monza
The Italian Grand Prix was first held at Monza in 1921 and is the oldest race on the calendar. It was one of the inaugural F1 world championship races in 1950.
The 2016 world champion Nico Rosberg won this year's edition of the Italian Grand Prix.
The contract extension had been the subject of prolonged talks over the past year, notably concerning the cost of the event.