Monza’s contract with FOM runs until 2016 and the iconic venue had been facing an uncertain future until a new legislation has allowed increased funding for the race. As a result, Angelo Sticchi Damiani, the head of the Italian Automobile Club (ACI), recently claimed that Monza was on the verge of signing a new seven-year contract with Ecclestone.

However, Italian publication Autosprint reports that the F1 supremo is demanding a $28m (£20m) annual fee – similar to what Austria is paying – when the organisers are offering $20m (£14m). Damiani insists the new deal is “very close to being finalised, though we still have to agree on some details”.

“Ecclestone has asked for $28 million, a figure much higher than what we are paying but also much lower than what other race tracks are giving,” the ACI chief is also quoted as saying by Italpress.

“Baku, for example, is set to pay around $150 million [£105m] over three years.”

Monza has been a quasi-permanent fixture on the F1 calendar, hosting every Italian Grand Prix – bar one in 1980 – since the series was launched in 1950.