Monaco secures 10-year contract extension

Wednesday 28th July 2010, 17:56  

The Monaco Grand Prix has managed to secure a new 10-year deal to continue hosting Formula One through to 2020.

Warnings from Bernie Ecclestone earlier this month suggested the race could be dropped as the principality don't pay anything to FOM to host the event, unlike every other circuit on the calendar which fork out millions for the privilege.

"I think we can do without Monaco, they don't pay enough," he declared.

Despite this, the Automobile Club de Monaco confirmed that it met with Ecclestone in London on Wednesday and signed the new deal.

The race for 2011 has been scheduled for May 29th.

The image accompanying this article has been sourced from it's respective owner and is subject to copyright. Images come courtesy of; mclaren.com, ferrari.com, redbull/getty, mercedesgp.com, forceindiaf1.com, renaultf1.com, toyota, bmw-sauber, williamsf1/lat, lotus and virgin.