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Monza retains rights to host F1

Monza retains rights to host F1

Monza has agreed a new deal with Formula One to retain the hosting rights for the Italian Grand Prix.

'The Cathedral of Speed' has been beset by financial issues in recent years, struggling to pay the costly fees that saw the similarly iconic Nurburgring lose rights to host F1 last year and Hockenheim give up on the sport recently, leaving the German Grand Prix to almost certainly fall from the calendar for 2017.

Imola had agreed a deal with Bernie Ecclestone to host the Italian event earlier this year, but Monza, which has hosted more grands prix than any other circuit, has retained the rights - reportedly for another three years.

Italian Automobile Club (ACI) president Angelo Sticchi Damiani is quoted by Ansa: "On behalf of all Italian sports fans I must thank Premier Matteo Renzi and the president of CONI (the Italian Olympic Committee) Giovanni Malago who, just over a year ago, showed their belief in this goal and created the conditions to reach, together, this very important result."

Malago added:  "I'm very satisfied with this great result.

"Without the careful and stubborn work of Sticchi Damiani, to whom I give my heartfelt thanks, Italy would have lost its F1 grand prix."

Imola has reportedly been earmarked as a potential replacement for the German Grand Prix in 2017. Such a move would likely see the track return under the San Marino Grand Prix banner, as it did for 26 years before being dropped for 2007.