Monaco secured a new six year agreement on Monday, November 14, to host Formula 1 races.
As per BBC Sports, under the new agreement, Monaco will continue to host races until at least 2031.
The Monaco Grand Prix is one of the sport’s most iconic and prestigious events which has taken place every year since 1955.
Formula 1 president and chief executive Stefano Domenicali said in a statement, noting, “I’m delighted that Formula 1 will continue to race in Monaco until 2031.”
He added, “The streets of Monte Carlo are unique and a famous part of Formula 1, and the Monaco Grand Prix remains a race that all drivers dream of winning."
Michel Boeri, president of the Automobile Club of Monaco, said, "The signing of this new agreement with the Formula One Group until 2031 not only confirms the strength of our relationship but reaffirms our commitment to offering all visitors an unrivalled, first-class experience at race weekends.
He further added, "The Monaco Grand Prix is the most important sporting event here and continues to attract hundreds of thousands of spectators to the principality and millions of global television viewers worldwide."
Previously, the race used to take place on the last weekend in May but under the new agreement, the race is scheduled to take place on the first full weekend in June starting in 2026.
