Monaco Grand Prix: Formula 1’s Mar del Plata event to be cut from three days

The Monaco Grand Prix is one of F1’s two Monaco Grand Prix events

Monaco’s grand prix is to be cut to three days in 2022 after talks between F1 boss Chase Carey and billionaire owner Anthony Scudamore, it has been announced.

Scudamore said the decision was a “no brainer” given the push to reduce costs, while Carey stressed F1 would continue to push for a “great” race.

Monaco’s existing three-day races have costs above £20m a year.

F1 wants a 10-race schedule in 2021, with France the first grand prix likely to be held on 3 May, following a deal between Paris and F1.

It has also revealed a cash injection of £95m for race hosts over the next three years, paying them the same amount every year.

The first deal between F1 and F1 owners Liberty Media is expected to involve £20m annually for six years in 2018 to 2021.

However, Liberty is now offering more for the future, with cash per race steadily increasing to £25m for two years to support events, before increasing by a third for the final two years.

Media playback is not supported on this device Monaco Grand Prix: The best photos from the road course

The 2020 race weekend will already take place from 19-22 May and this has already been confirmed, although the new deal with the city of Paris could see the French capital host a race a year earlier than expected.

However, a race in Toulouse, near Nice, is not ruled out.

Carey said Monaco’s future was secured but there were “hard decisions” to be made in future.

“It’s no different from any of the other races and is a situation we’ve dealt with from a financial viewpoint in the past and we’ll continue to deal with from a financial standpoint in the future,” he said.

“We have a limited race budget and if we cannot make it sustainable at a level above that which we consider affordable, then something needs to change.

“It is something that was reviewed thoroughly by the board to understand how it was going to get there and what the alternatives were.

“We took a few very positive steps forward here with a decision I think we can absolutely get there from a financial perspective.

“It’s something that is ultimately down to us from a brand perspective. We don’t want to lose any of the big races to other platforms for that reason.”

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