F1 secures iconic Monaco GP until 2031 in historic deal

Formula 1 has reached an agreement to preserve the iconic Monaco Grand Prix on the calendar until at least 2031.

Considered one of the crown jewels in the sport's illustrious lineup, the streets of Monte Carlo have hosted the elite of single-seater racing since the inaugural world championship season in 1950.

And now, after months of intense negotiations, F1 CEO Stefano Domenicali has confirmed that the principality's storied race will continue to captivate audiences for the next decade.

"I'm delighted that Formula 1 will continue to race in Monaco until 2031,"

Domenicali declared.

"The streets of Monte Carlo are unique and a famous part of Formula 1, and the Monaco Grand Prix remains a race that all drivers dream of winning."

The new deal, which replaces the previous contract that was set to expire in 2025, will see the event shift its traditional late-May date to the first weekend of June from 2026 onwards.

This change ensures the showcase will no longer clash with the legendary Indianapolis 500, providing F1 fans with an uninterrupted schedule of premier motorsport action.

While the finer details of the agreement remain under wraps, it's understood that the Automobile Club of Monaco has agreed to pay a significantly higher sanctioning fee to retain its coveted spot on the calendar.

However, the race's commercial prospects have been bolstered by F1's recently announced partnership with luxury conglomerate LVMH.

As part of the LVMH deal, the Swiss watchmaker TAG Heuer will take over from Rolex as the sport's official timekeeper starting next year.

This change is particularly significant for Monaco, as TAG has long been a partner of the prestigious street circuit, ensuring a seamless branding integration.

"I would like to extend a special thanks to H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco and everyone involved in the extension of this important partnership,"

Domenicali added.

Crucially, the new contract also puts to rest any lingering doubts about the future of the Monaco Grand Prix.

There had been concerns that the race's notorious struggles to provide exciting on-track action could jeopardize its place on the calendar, but F1 has clearly recognized the immense value of preserving this historic event.

It's understood that the tight confines of the Monte Carlo harbor mean the 3.3km circuit layout is not expected to undergo any significant changes throughout the duration of the new deal.

This will come as a relief to purists, who cherish the unique challenge and spectacle that the streets of Monaco have offered drivers for over seven decades.