Organisers expect to sign new Italian Grand Prix deal next month

Italian Grand Prix officials are set to sign a new contract with Formula 1 supremo Bernie Ecclestone by the end of February that will secure the future of the race

Organisers expect to sign new Italian Grand Prix deal next month

, Automobile Club of Milan president Ivan Capelli suggested the event at Monza would remain on the F1 calendar for the next few years.

Now the president of the Automobile Club of Italy, Angelo Sticchi Damiani, has confirmed a new deal with Ecclestone is close to being finalised that safeguards the race through to either 2020 or 2023.

"We are on the home stretch to close the deal," Damiani told Autosprint.

"We still need to refine some minor details, but the basis of the contract is now decided.

"I hope we can clear the final doubts within a couple of meetings. Let's say, the deal is 80% done. I count on signing by the end of February."

Damiani has revealed talks with Ecclestone last year "reached a point of no-return", with the race due to host the final event of its current contract later this year.

"At the last grand prix Ecclestone was resolute in stopping talks and losing the race from 2017," added Damiani.

"The people Ecclestone was talking to wouldn't offer the money he wanted, and proposed only renovating works on the track.

"Then [Italian Prime Minister Matteo] Renzi and [Italian National Olympic Committee (CONI)- president Giovanni] Malago stepped in.

"They met with Ecclestone and told him Italy wanted to close the deal positively.

"The government wouldn't have to put a dime in as it would appoint the CONI to find the funds, and so it did: the CONI then authorised the ACI to do the deal."

According to Damiani, Ecclestone has since opted to reduce his terms, which has resulted in the race being saved.

"Ecclestone wanted $28m, but through talks in the end he lowered that to around $20m, which is more or less what the Spanish and Belgian GP organisers pay," said Damiani.

"The deal is almost done, only a few details are missing.

"[The length of the deal] is one of the points still in discussion. There are two options: for four or seven years.

"In the first case, the race is ensured until 2020, in the other case until 2023."

It is understood the ACI will pay for around 60% of the new contract - $12m - which will come from the Club's profits, with Monza paying the remaining 40%, or $8m.

Addressing the situation, Damiani said: "Obviously I will have to apply cuts and a rigorous spending review in order to cover the expenses, but the costs won't be paid for by ACI members."

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