F1 has confirmed the Monaco Grand Prix is to remain on the calendar for the next three seasons.
The future of the sport's blue-riband event had been up in the air following this year's race around the Principality as its contract had ended.
With F1 attracting new events paying top-dollar, the previous 'cut-price' agreement had threatened one of the most historic races on the calendar.
But in the wake of Monaco being included on a record-breaking schedule for 2023, F1 has now confirmed the Automobile Club de Monaco has signed a new three-year agreement through to the end of 2025.
F1 CEO Stefano Domenicali said: “I am pleased to confirm that we will be racing in Monaco until 2025 and excited to be back on the streets of this famous Principality for next year’s championship on the 28th of May.
"I want to thank everyone involved in this renewal and especially H.S.H. Prince Albert II of Monaco, Michel Boeri, president of the Automobile Club de Monaco and all his team.
"We look forward to being back next season to continue our partnership together.”
Boeri added: “In the interests of the Formula 1 world championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula 1, and likely to be renewed."