A fresh deal to keep the Italian Grand Prix at Monza until 2024 is edging closer, after an agreement was reached between the Automobile Club d’Italia and Formula 1 officials.

Monza has been ever-present on the F1 calendar aside from the 1980 season and its current contract is due to expire at the end of this season, prompting fears over its future amid reports of major renovation work being required and a lack of financial backing.

While F1 is branching out to new locations such as Vietnam and Miami, it has been keen to retain a number of core ‘historic’ venues including Monza.

The ACI, Italy’s motorsport federation, issued an update on Tuesday saying that a fresh five-year deal is nearing sign-off.

“ACI and Formula 1 have reached a general agreement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024,” the statement read.

“The General Council of the Automobile Club of Italy has therefore given a mandate to the President Angelo Sticchi Damiani to continue the negotiation with Formula 1 on all the technical and commercial aspects related to the partnership, in order to reach, in a short time, the sign the contract and make the collaboration fully operational.”

Sticchi Damiani also confirmed the news via a post on social media.

This year’s Italian Grand Prix takes place between September 6-8.

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