"In recent years, Monaco has paid only 12 million euros per year to Formula 1, and for decades it paid nothing at all," Bild reported. "Now the Principality has to dig deeper into its pockets. Monaco will now spend 25 million euros annually on the spectacle."

Monaco will continue to host Formula 1 races until at least 2031 after a new six-year deal was agreed. One of the sport's most iconic and prestigious races, the Monaco Grand Prix has hosted races every year since 1955, other than during the Covid-affected 2020 season.

Formula One's iconic Monaco Grand Prix will remain on the calendar until at least 2031 after a six-year extension was announced on Thursday with a date change to June that also avoids future clashes with the Indianapolis 500.