The future of the Italian Grand Prix at Monza appears on the brink of being secured until 2024.

 On Tuesday, Formula 1 confirmed a new five-year deal has been agreed in principle with the country's motorsport association, the ACI, and president Angel Sticchi Damiani is now set to complete the final agreement.

Big questions had been raised about the event at Monza which has struggled financially for quite a few years now and appeared more at threat than ever at falling off the calendar post-2019.

However, having held a race every year bar one since 1950, the legacy of the Temple of Speed is set to continue, including a centenary celebration in 2022.

Securing the funding has been a big issue for the ACI, with an estimated 100m Euros of upgrades also needed at Monza ahead of the 100-year anniversary in three years time.

If everything is put into place and a final contract signed, it will be a feather in the cap of F1 owners Liberty Media, whose commitment to historic races has been questioned in recent months.

That's because Italy is just one of five races that are/were under threat after this season, with another being the equally prestigious British Grand Prix at Silverstone.

Like their Monza counterparts, the Northamptonshire circuit has struggled to make financial ends meet with F1 and triggered a release clause in their contract because of the escalating costs.

It was believed negotiations on reaching an agreement with organisers there too were getting close and on Tuesday, two sources, including  Motorsport magazine's Mark Hughes tweeted a three-year deal had been reached.

Silverstone though quickly responded denying the claims and insisting "talks are progressing".