F1 chief said the island circuit will be closed for the following two years for redevelopment
Monaco will host Formula One’s grand prix from 2021 as long as a series of upgrades are undertaken, FIA president Jean Todt said on Thursday.
“The Formula One Grand Prix will be awarded to the Circuit de Monaco for the next two years. We are aware, because of the project for a stadium, that it will only be fully operational for two years,” Todt told the annual news conference of the Le Mans Circuit near central France.
“So the Grand Prix of Monaco can take place in 2022. It is a very good step forward.”
The Briton added that he was “hopeful that one day it will be able to take place on all five days.”
As part of a sweeping revamp of the F1 calendar, organizers in Bahrain agreed in April to cut the current race in March to a three-day event after the Bahrain International Circuit’s (BIC) appeal against the existing schedule was rejected by the Bahrain Motor Racing Association’s (BMRA) Executive Committee.
Monaco is operated by the BIC and it will now host the race from 2021 after an initial three-year interruption. The island has been closed for redevelopment since 2017, with work slated to finish in 2019.
Formula One’s turnover was at $1.3 billion in 2016 while revenues are expected to top $1.5 billion this year, with BBC figures saying viewers of the 28 races stood at 219 million.
The series, which has also lost some key sponsors as television audiences have fallen, has also started taking several races away from big cities in favor of venues with lower costs.
It has been able to reduce the impact of cities because the budgets are lower, giving teams an easier run to better commercial terms and therefore being able to offer more for the teams and brands.