A fresh deal to keep the Italian Grand Prix at Monza un🎀til 2024 is edging closer, after an agreement was reached between the Automobile Club d’Italia and Formula 1 officials.

Monza has been ever-present on the F1 calendar aside from the 1980 season and its current contrac💧t is due to expire at the end of this season, prompting fears over its future amid reports of major renovation work being required and a lack of financial ba𒐪cking.

While F1 is branching out to new locations such as Vietnam and Miami, it has been keen to retain a number of core🤪 ‘historic’ venues including Monza🍌.

The ACI, Italy’s motorsport federation, issued an update on Tuesday saying that a fresh five-yea🅺r deal is nearing sign-off.

“ACI and Formula 1 have reached a gene♍ral agreement reg🧸arding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024,” the statement read.

“The General Council of the Automobile Club of Italy has therefore given a mandate to the President Angelo Sticchi Damiani to continue the negotiation with Fo🔯rmula 1 on all the technical and commercial aspects related to the partnership, in order to reach, in a short time, the sign the contract and make the collaboration fully operational.”

Sticchi Damiani also confirmed the news via a .

This year’s Ita🐷lian Grand Prix takes place between September 6-8.