The historic Monza circuit looks set to secure a new deal to keep it on the Formula 1 calendar for 2017 and beyond, following months of speculation over the future of the Italian Grand Prix.
Talks over extending the venue’s current contract – which expires after the 2016 season – hit a stalemate earlier this year over how the event would continue to be funded.
F1 commercial rights holder Bernie Ecclestone was refusing to back down on demands from circuit officials to renegotiate on the race’s annual sanctioning fees.
Imola, the Italian circuit which formerly hosted the San Marino Grand Prix, had emerged as a contender to take over the hosting rights.
It now seems that the Italian senate has passed new legislation to allow the Lombardi region – the district in which the Milan-based circuit sits – to invest in the race.
“This is obviously good news. Let’s hope they can do what they hope they can do,” F1 commercial rights holder Bernie Ecclestone said of the news.
“We’re happy and we want to continue at Monza, that is for sure, but we want to do so on the same sort of terms other people pay in Europe because there are no concessions, not at all.”
There are hopes that a new contract extension will be announced ahead of next month’s Italian Grand Prix, which takes place on September 4-6.
Image via XPB Images