Formula One Management and the Automobile Club d'Italia (ACI) have agreed a new deal that will see the Italian Grand Prix remain at the Autodromo Nazionale Monza until 2024.

The agreement was announced this evening at a special event in Milan celebrating the 90th running of the Italian Grand Prix and the 90th anniversary of Scuderia Ferrari.

A staple of the Formula One World Championship since its inception in 1950, the race has been held at Monza every year, with the exception of 1980, when it was held at Imola.

The Autodromo di Monza has hosted 68 world championship races, and, on twelve occasions has witnessed the drivers' title being decided, the last occasion being in 1979, when Jody Scheckter secured the title.

As part of Ferrari's celebrations, Scheckter will drive the Ferrari 312 T4 with which he won the race at Monza this weekend.

"We are really pleased to have reached an agreement with the ACI which ensures the Italian Grand Prix will remain on the FIA Formula 1 World Championship calendar until at least 2024," said Chase Carey, Chairman and CEO, Formula 1. "This is one of four Grands Prix that were part of the 1950 championship and still features in the calendar and along with the British Grand Prix, it is the only one to have been held every year since then.

"History, speed and passion are words that motorsport fans associate with Monza. The feeling one gets at this Grand Prix is truly unique, as is the circuit's distinctive podium.

"I would like to thank the ACI, especially its President, Angelo Sticchi Damiani for its efforts and this five year deal means that another part of the jigsaw for the Formula 1 of the future, is now in place.

"The championship features many historic venues such as Monza and also new countries in which the already vast fan-base of our sport can grow. For now, we can look forward to what is bound to be another great race this weekend, as we prepare for the Gran Premio Heineken d'Italia 2020 and in the years to come."

"It is just like winning a Formula 1 Grand Prix," added Angelo Sticchi Damiani, President of the Automobile Club d'Italia, "a very hard and important one, fought to the finish line - which counts as not one but five titles!

"It's with great satisfaction that I welcome the conclusion of the agreement between ACI and Formula 1, which guarantees the inclusion, for the next five years, of the Italian Grand Prix in the calendar of the Formula 1 World Championship, and ensures that the event will take place in the 'Temple of speed', the Monza Eni Circuit, not only the oldest but also the fastest and most spectacular circuit of the whole motorsport.

"A great outcome for ACI, for Monza, for the Lombardy Region and Italian sport in general, which opens up a five-year perspective to build a future that matches the legendary past that has made Monza a world capital of motorsport.

"It was a challenging journey to get to this outcome and is one of those race victories that makes us forget every risk, every effort, and leaves inside a great joy and an uncontrollable desire to celebrate."