F1 doubled Monaco GP race fee for 2031 extension

Monaco GP organisers have agreed to pay double the annual race fees in order to secure a new Formula 1 race deal.

The sport, and its governing body, the FIA, on Thursday hailed the renewal of the Monaco GP deal through 2031, with F1 CEO Stefano Domenicali declaring he is "delighted" Formula 1 will remain in the Principality.

But according to multiple authoritative sources, including Radio Monte Carlo, Bild newspaper and La Gazzetta dello Sport, the deal is costing Monaco a lot more.

"In recent years, Monaco has paid only 12 million euros per year to Formula 1, and for decades it paid nothing at all," the German newspaper Bild said.

"Now the Principality has to dig deeper into its pockets. Monaco will now spend 25 million euros annually on the spectacle."

It is rumoured that the negotiations between Monaco and F1 were difficult. "The signing comes after months of discussions that had cast doubt on the future of the Monegasque event," La Gazzetta dello Sport claims.

"The previous contract, expiring in 2025, recognised the GP as a ’historic event’, and the organisers paid around $15 million to host the race, less than any other circuit on the calendar.

"The risk of losing the grand prix and recent rumours of a possible rotation of European races have pushed the Automobile Club (of Monaco) and Prince Albert to meet Stefano Domenicali, securing the GP until 2031 for almost $30m per season."