Formula 1 announced on Thursday that it has secured a six-year extension for the Monaco Grand Prix, which will now continue through 2031.

The iconic street circuit in Monte Carlo will remain a prestigious part of the F1 calendar.

F1’s chief executive, Stefano Domenicali, expressed his excitement about the agreement, stating, “I’m delighted. The streets of Monte Carlo are unique and a famous part of Formula 1, and the Monaco Grand Prix remains a race that all drivers dream of winning.”

As part of the new agreement with the Automobile Club of Monaco, the race will be moved to the first complete weekend in June starting in 2026.

The upcoming race is scheduled for May 25, 2024, and will celebrate the 75th anniversary of its official entry into Formula 1.

The inaugural event took place back in 1929, marking its long-standing heritage in the sport.

This year, local driver Charles Leclerc secured victory, making history as the first Monégasque to win the illustrious race.

F1 has highlighted that this edition of the race became the most-viewed in U.S. history and ranked as the third most-watched F1 event ever in the United States.

The extension of this iconic race demonstrates its continued importance and appeal in the world of motorsport.