(Motorsports news) Formula 1 has signed a three-year extension till 2025 for the Monaco grand prix ending all doubts about the future of such a historic race. After the race this season, there were serious doubts over the future of Monaco in  F1. Some of the key sticking issues were the cost of the race, its TV rights, and control of advertising around the circuit. So was the race tradition of end-of-May dates.

The F1 calendar is expanding and is set to hold 24 races next season. The f1 calendar will have three races in the United States and they're bound to generate some serious income when they're held. With that being the case, more and more races in Europe are going to be held as the talks of South Africa and Seoul are on hold. Next year the Chinese Grand Prix will be back after an absence of 2 years and Las Vegas will be a new addition to the F1 calendar.

“The Automobile Club de Monaco, who are the race organizers for the F1 Monaco GP, and Liberty Media, however, have reached an agreement and the event will continue to be a part of the calendar for the next 3 years”. Announcing the same to the media, Stefano Domenicali said:

“I am pleased to confirm that we will be racing in Monaco until 2025 and excited to be back on the streets of this famous Principality for next year’s Championship on May 28. I want to thank everyone involved in this renewal and especially H.S.H. Prince Albert II of Monaco, Michel Boeri, President of the Automobile Club of Monaco, and all his team. We look forward to being back next season to continue our partnership together.”

Meanwhile, Michel Boeri, President of the Automobile Club of Monaco, said: “In the interest of the Formula One World Championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula One, and likely to be renewed.”

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