The future of the Italian Grand Prix remains uncertain as Monza continues in “difficult” talks with Formula 1 owners Liberty Media.
On the weekend the sport celebrates its 1000th Grand Prix in China, the ‘Temple of Speed’ holds the record for the most world championship races at one circuit having only missed a single year since 1950.
But financial problems have continually put the race into doubt and now a new deal is needed to continue beyond 2019 and that is proving far from easy to secure.
“There are very stringent, complicated and difficult negotiations ongoing with Liberty Media, who have inherited too many onerous and unsustainable contracts,” Angelo Sticchi Damiani, president of Italy’s motorsport authority said this week.
“There are a number of things we need to change because the times have evolved: the management of the site, a reception in line with the times and the need for a promoter with a focus on Monza sustaining the Italian Grand Prix as one of the most important rounds of the F1 World Championship.”
Organisers are already struggling simply to cover this year’s race, with the local Lombardy government pledging €10m towards the costs of the event.
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But also on their mind is the need to redevelop Monza’s ageing facility ahead of its centenary in 2022, something that will cost much, much more.
“We have said on several occasions that Monza circuit needs important works and that today the estimate is around €100m, with €60m needed urgently,” Sticchi Damiani revealed.
“Financial support from the government will be decisive to do everything we want to do.”
