Ferrari’s Charles Leclerc won the 2024 Monaco race, becoming the first Monegasque driver since 1931 to win their home grand prix.
In 2022, Leclerc said dropping the race from the calendar would be a “bad move”.
One of the most glamorous events in sport, it was first staged in 1929 and appeared on the first world championship calendar in 1950.
But, with F1’s owners Liberty Media keen to grow the sport, there have been doubts about its future in the expanded calendar. There are a record 24 races scheduled for the 2024 season.
Crowds in Monaco are relatively small because of limited space while it pays a relatively small hosting fee compared to other races.
Overtaking is also notoriously difficult on the street circuit, leading to complaints about the quality of racing.
Michel Boeri, president of the Automobile Club of Monaco, added: “The signing of this new agreement with the Formula One Group until 2031 not only confirms the strength of our relationship but reaffirms our commitment to offering all visitors an unrivalled, first-class experience at race weekends.
“The Monaco Grand Prix is the most important sporting event here and continues to attract hundreds of thousands of spectators to the principality and millions of global television viewers worldwide.”
