The Monaco GP is undoubtedly the crown of Formula 1. The race is one of the oldest races to continuously, making its first appearance as a race in 1929. The race is synonymous with the racing heritage of the sport and winning the race is a part of motorsport’s triple crown.
But recently, Monaco has been drawing flak for being a boring race. The wide modern F1 cars can barely overtake the narrow, outdated streets of the principality.
Moreover, wealthy residents of Monaco generally do not like race and the disruption it causes. And with the rising costs to hold a Grand Prix, Monaco’s time on the F1 calendar might be dated to an early exit soon.
The race will remain in the sport until 2025. But Monaco’s privilege and position in F1’s future seem to be numbered. And this might harm the sport more than the Mediterranean principality.
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Why F1 wants to get rid of Monaco GP?
Monaco GP might hold on to its prestige, but in reality, it is facing pressure to deliver. And one major concern is the sport’s growing popularity and increasing demands from new circuits.
The new cars are not suited to the city streets. And with F1’s increase in viewership, a boring race that lacks overtakes and drama could have negative PR.
F1 CEO Stefano Domenicali warned that Monaco could lose its place on the calendar because of poor facilities and track design. But according to Tom Rubython, the real motive is far from the above. It’s money.
Monaco Gp enjoys the privilege of paying the most undersized race hosting fee. It is somewhere in the region of $15 Million, far smaller than the eyewatering sum paid by the Middle Eastern venues. The race generated $50 million a year through sales tax and another $15 Million sale of tickets.
It also retains some rights to sell trackside advertising and corporate sponsorship deals for its events. This means F1’s sponsors and ticketing take a hit, and Monaco pockets the profit at their expense. And Liberty Media and F1 want this to change going forward.
F1 wants Monaco to pay a $30 million fee to host the race, $25 million more than it is currently paying. Or it will soon lose its place in the near future to new circuits looking for the coveted slot in the calendar.
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Will the exit of the Monaco GP hurt F1?
F1 has been plotting Monaco’s exit for a while. In 2022, Monaco GP weekend was cut short from the traditional 4-day event to a 3-day event. Add to that it was the second race in a doubleheader.
This is far from the weekend that saw the practice of Thursdays, Fridays off and Qualifying and main race at the weekend. As a result, Sales tax revenues were down, and many of the usual events were cancelled.
F1 seems to have a long list of potential circuits in Qatar, Saudi, and America ready to join the F1 Calendar at premium rates. Hence the sport isn’t bothered about losing the crown jewel.
Rubython feels Monaco can survive without Formula 1. It attracts crowds unlike no other circuit. The tiny city-state on the French riviera houses the wealthiest people.
And during F1’s race weekends, the city harbour is packed with the yachts of the richest folk on the planet. Celebrities and Business tycoons walk the track ahead of the main race, making it a spectacle.
F1 needs Monaco for its image, history and the money it can attract to the sport through investments. And the consequence of losing the track will only weaken the sport’s legacy and finances in the long run.
Prince Albert himself is actually indifferent. Only the traditionalists at the Automobile Club de Monaco hold it all together, and Prince Albert happily goes along. The prospect of losing the race altogether is unthinkable. But the dangers of losing it are real.
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