Monaco will continue to host a round of the world championship after a new three-year deal was agreed with F1.

News of the deal followed the principality's inclusion in the 2023 schedule, which witnesses a record 24 races next season.

The deal sees Monaco, which has hosted a round of the Formula One World Championship since its inception in 1950, and first hosted a Grand Prix in 1929, remain on the calendar until 2025.

The previous contract ended this year and there were fears that the event, which is known to have paid one of the lowest hosting fees, was under threat.

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 May 28," said Stefano Domenicali.

"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 of Monaco and all his team. We look forward to being back next season to continue our partnership together."

"In the interest of the Formula One World Championship, and after several months of negotiations, we are proud to announce that we have signed a three-year agreement with Formula One, and likely to be renewed," added Michel Boeri, President of the Automobile Club of Monaco.