F1 News: F1 Spends Over $83 Million at Monza as ‘100 Years of Italian GP History’ Starts Getting Rewritten

Monza, the beloved Formula 1 racetrack known as the ‘Temple of Speed’, turned 100 last year. With a rich history of racing in the heart of Italy, the track is nearing the end of its current contract with Formula 1 in 2025. However, Formula 1 is currently in negotiations with the Italian Automobile Club to extend the presence of the iconic Italian GP in Formula 1. With $83 million worth of upgrades in the pipeline, the historical significance of the temple of speed continues to evolve.

Monza is gearing up for a major transformation. The renovation, which was planned to commence immediately after the 2023 Italian GP faced a few hurdles. However, according to a recent report from Corriere Della Sera, the focus is on completing the 2-stage upgrade within a tight timeframe of just 140 days. At the kick-off ceremony, Stefano Domenicali emphasized the urgency, stating that the completion of the renovation is crucial for Monza’s continued presence in the F1 calendar beyond 2026.

Formula 1 plans to modernize the racetrack and the Monza Park

A hefty 23-million-dollar investment aimed at upgrading the racetrack will bring the track up to the level of modern-day circuits. Angelo Sticchi Damiani, president of ACI, explained the planned upgrades. It will include a covered paddock club, new dining areas, and revamped grandstands. Notably, the stands at the end of the first turn will be reconstructed with eco-friendly criteria. Additionally, changes in pedestrian and motorized traffic flow will be introduced through new underpasses.

With a total turnover of 518 million dollars from the last Italian Grand Prix with an attendance of 304,134 spectators and immediate returns reaching 156 million, Sticchi Damiani emphasized the need to extend spectators’ stay in Lombardy and Italy, capitalizing on the 93% who expressed a desire to return.

Attilio Fontana, President of Lombardy Region, is contributing $60 million for upgrading the Monza Park. He sees the investment as benefiting both the history of the racetrack and the requirements of Formula 1. Stefano Domenicali, in a video call, labeled the renovations as “absolutely necessary,” serving as a global introduction for Italy. While acknowledging the importance of a century-long history, he emphasized the need to look forward, asserting, “You can’t waste even a minute.”

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The Italian GP being one of the most sought-after races on the Formula 1 calendar, it might be difficult to comprehend the fact that negotiations for a contract extension have not come to fruition.

What’s causing the delay in the contract extension?

While the renovations are finally underway, Monza is facing an uncertain future, according to Formula 1 CEO Stefano Domenicali. Despite Sticchi Damiani’s claims of the contract extension talks being nothing more than a formality, Domenicali couldn’t provide a guarantee about the Italian Grand Prix’s continued presence in F1’s lineup.

As far as the reason for the delay in the extension, there are two major ones—bureaucratic obstacles and financial issues. The bureaucratic hurdle is tied to concessions within Monza Park, expiring in 2029. While the financial negotiations for a new F1 contract will involve higher figures, aligning Monza’s fees with other European tracks. Sticchi Damiani emphasized that they need to step away from relying solely on ticket sales to cover the costs of the investments that are being made on the track, signaling a need for a more comprehensive financial approach.

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Do you think Formula 1 can lose one of its most beloved tracks due to bureaucratic and financial issues? How would that impact the popularity of F1? Share your insights down below in the comments.