A fresh deal to keep the Italian Grand Prix at Monza until 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 contract is due to expire at the end of this seaso🌜n, prompting fears over its future amid reports of major renovation work being required and a lack of financial backing.

While F1 is branching out to new lo🤪cations 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-year de❀al is nearing sign-off.

“ACI and Formula 1 have reached a general agrཧeement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza f💞or 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 Formula 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 th🔯e collaboration fully operational.”

Sticchi Damiani also confirmed the news via a .

This y🍰ear’s Italian Grand Prix takes plac෴e between September 6-8.