Historic track confirms three-year agreement worth US$72 million.

The Autodromo Nazionale Monza will host the Italian Grand Prix for a further three years.

The deal follows two years of negotiations and multiple rumours that the 2016 race would be the last at the so-called ‘Cathedral of Speed’. Nevertheless, an agreement between Formula One Management (FOM) and the Automobile Club of Italy (ACI), owner of the Italian Grand Prix circuit at Monza, has been finalised.

FOM – the commercial arm of the global open-wheel series – will reportedly receive a total of €68million (US$72 million) for the duration of the contract, which will be paid in instalments of €22million (US$23.5 million) in 2017 and 2018 and €24million (US$25.5 million) in 2019.

Monza agrees new deal with Formula One

"Despite thousands of difficulties and, with a lot of work, we've reached the definitive signing of the Monza contract," said Angelo Sticchi Damiani, president of ACI.

2016 was the longest Formula One season, to date, with 21 races. The 2017 calendar is expected to be reduced to 20 Grands Prix, after Germany failed to agree a commercial deal for the race to be held at Hockenheim instead of the financially-troubled Nurburgring.