An F1 races are held in Monte Carlo four times a year
The Monaco Grand Prix will be cut from three days to two, Formula 1 chief executive Chase Carey has confirmed.
The event is part of F1’s portfolio of events and in 2017 it had 1.8m spectators.
Carey said there would be a three-day race from 2022 and a longer weekend between 21-23 August.
“We are not eliminating races, we are expanding them,” Carey said. “Michelin can’t build that many tires and tyre suppliers can’t build that many tyres.”
He added: “We will be looking to take it to three days or so. It will take time.”
For the first time, the German Grand Prix in August will be without a race in 2020.
The F1 shareholder on Facebook said: “We need some thought and debate, but the free-flow movement of high-speed traffic can only be balanced with the need to meet the best delivery of a great F1 spectacle for our fans and the world’s media.”
Monaco has only a slight margin between its attendance and the attendance in next year’s world champion’s home race in Melbourne, Australia, despite it being held 12 days earlier.
The Grand Prix Management and Monaco Tourism Bureau both released statements welcoming the news that the event will continue.
“The Monte Carlo Grand Prix is one of the jewels in the crown of the Monaco race calendar and one of the jewels in our economy,” said the Monaco Tourism Bureau’s chief executive, Alain Sorensen.
He added: “Our important relationship with F1 ensures that we can improve the marketability of Monaco and may bring new fans and improve our productivity with the high-quality press coverage and marketing activities.”
Monaco Grand Prix director Giovanni De Vecchi said: “The Monaco Grand Prix is a unique event of the world’s sporting calendar that creates enormous social and economic benefits to Monaco and to the entire world.
“The new set-up and schedule will enable F1 and the drivers to race on the best possible conditions with special attention to deliver the maximum excitement for our fans and the greatest value for all our partners.
“All this will be done with the guarantee of the highest possible safety, which is the absolute fundamental of everything we do.”