F1 boss Bernie Ecclestone and Italian Grand Prix chiefs finally signed an agreement to keep Formula 1 at Monza for the next three years. In September this year, a new three-year deal to keep the race through to 2019 was announced, but the contract was not signed until November 29th by Ecclestone and ACI President Angelo Sticchi Damiani, after Imola withdrew its objections to the deal.

"We've managed to avoid the terrible hypothesis of seeing Italy lose after 70 years one of the most prestigious, historic and exciting car races in the world," the ACI president said in a statement. "Now we move forward together, with the goal of making the Grand Prix at Monza an even more important event that fascinates and attracts more and more fans worldwide," he added. While details were not announced, the deal is reportedly worth 68 million Euros.

The Italian Grand Prix (Gran Premio d'Italia) is one of the longest-running events on the Formula One calendar: it was one of the inaugural F1 world championship races in 1950, the only other inaugural F1 races that are still on the calendar being the Monaco Grand Prix and the Belgian Grand Prix.

The circuit was completed in 1922 and was just the third permanent autodrome in the world at that time, together with Brooklands in England and Indianapolis in the United States. Throughout the following decades, the track underwent repeated redevelopments and hosted several legendary races and many famous drivers won thrilling races in Monza.

Pilots who won more than one time at Monza include Michael Schumacher (1996, 1998, 2000, 2003, 2006), Nelson Piquet (1980, 1983, 1986, 1987) and Tazio Nuvolari (1931, 1932, 1938).

The 2016 world champion Nico Rosberg won this year's edition of the Italian Grand Prix, while next year's edition is scheduled for September 3rd.

Follow @castaritaHK