F1 seeking Monaco fee hike in ongoing contract talks

Monaco, known for its distinct and celebrated status in Formula 1, is among the European races facing uncertainties about its continuation on the yearly schedule.

As Liberty Media fields lucrative offers from potential venues outside of Europe, it’s hesitant to increase the number of races beyond 24, placing numerous current European events, including Monza, Imola, and Barcelona, at risk of being dropped from the F1 calendar.

Even Monaco, traditionally a cornerstone of the Formula 1 calendar, could potentially be omitted, according to a report by Bloomberg.

“Liberty Media … is seeking additional funds from the principality of Monaco as part of advanced talks for a new contract to extend the historic car race beyond 2025,” the agency stated.

Historically, Monaco did not have to pay a fee to host a race, though it is now reportedly charged $20 million annually, which is the lowest fee among all promoters, as claimed by Bloomberg.

The existing agreement with Monaco is set to expire next year. Even under the current contract, Monaco has already lost certain privileges, such as organizing its own television coverage and traditional scheduling perks, like holding the first practice day on a Thursday.

Bloomberg added, “A spokesperson for Formula 1 declined to comment on the current talks, but said the company is not considering pulling out of Monaco.”

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