Monaco Extends Formula 1 Hosting Agreement Through 2031

Monaco has secured an agreement to continue hosting Formula 1 races through at least 2031, following the finalization of a new six-year contract. This development comes after Ferrari driver Charles Leclerc claimed victory at the 2024 Monaco Grand Prix. Recognized as one of Formula 1’s most iconic and prestigious events, the Monaco Grand Prix has been a fixture on the racing calendar every year since 1955, with the sole exception of the Covid-19 impacted 2020 season. The event had faced calls for modernization in recent years. However, its position on the F1 calendar was confirmed after organizers acceded to demands from Formula 1 regarding television broadcast arrangements and on-track advertising. Despite ongoing concerns about the principality’s narrow streets being suitable for contemporary F1 cars and the limited opportunities for overtaking, no modifications to the circuit are anticipated due to the inherent challenges of altering its layout. A provision of the new agreement stipulates that the race will shift to the first full weekend in June, commencing in 2026. Formula 1 has not offered a reason for Monaco’s departure from its customary late May slot, effective from 2026. Nevertheless, the sport has been urging organizers of the Canadian Grand Prix in Montreal to adjust its early June date. This proposed change aims to pair the Canadian race with the Miami event, held in early May, for sustainability purposes. Consequently, Monaco’s date adjustment might suggest a potential move for Canada to May from 2026, though this remains unconfirmed. Formula 1 president and chief executive Stefano Domenicali stated, “I’m delighted that Formula 1 will continue to race in Monaco until 2031.” He added that “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.” In the 2024 Monaco race, Ferrari’s Charles Leclerc secured victory, marking the first time a Monegasque driver has won their home grand prix since 1931. Leclerc himself commented in 2022 that removing the race from the calendar would constitute a “bad move.” Considered one of the most glamorous events in sports, the Monaco Grand Prix was initially staged in 1929 and was included in the inaugural world championship calendar in 1950. However, with Liberty Media, the owners of Formula 1, actively pursuing growth for the sport, uncertainties had emerged regarding Monaco’s long-term presence on an expanding calendar, which includes a record 24 races scheduled for the 2024 season. The event typically draws relatively small crowds due to restricted space, and it also pays a comparatively modest hosting fee when contrasted with other races. Furthermore, overtaking is famously challenging on the street circuit, which has prompted criticisms regarding the overall quality of the racing. Michel Boeri, president of the Automobile Club of Monaco, further commented: “The signing of this new agreement with the Formula One Group until 2031 not only confirms the strength of our relationship but reaffirms our commitment to offering all visitors an unrivalled, first-class experience at race weekends.” He also stated that “The Monaco Grand Prix is the most important sporting event here and continues to attract hundreds of thousands of spectators to the principality and millions of global television viewers worldwide.”