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Monza secures new five-year F1 deal

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How steep is the famous Monza oval? (1:41)

ESPN's F1 editor Laurence Edmondson takes a closer look at the heavily-banked oval section of the Monza GP track. (1:41)

The Italian Grand Prix will remain at Monza for the next five years, keeping the legendary circuit in Formula One until at least 2024.

The terms of the new deal were agreed in April but F1 waited until an event celebrating the 90th edition of the Italian Grand Prix and 90th anniversary of Ferrari to confirm the news. The announcement means all 22 races on the 2020 calendar now have a contract in place, with the Italian Grand Prix due to take place on September 6 next year.

F1 CEO Chase Carey said: "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."

ACI president Angelo Sticchi Damiani, said: "It is just like winning a Formula One Grand Prix, a very hard and important one, fought to the finish line - -which counts as not one but five titles!

"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."

The Autodromo Nazionale Monza was built in 1922 and was on the calendar for the first Formula One world championship in 1950. The circuit has hosted 68 Italian Grands Prix since then and was only missing from the F1 calendar on one occasion in 1980 when the race was held at Imola.

Monza is the fastest circuit in F1, and in qualifying last year Kimi Raikkonen secured pole position with a new track record at an average speed of 162.9 m/ph.

Next year's calendar includes two new additions -- the returning Dutch Grand Prix at Zandvoort and the first-ever Vietnam Grand Prix in Hanoi.