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Italian officials announce deal to keep F1 race in Monza

Formula One boss Bernie Ecclestone stops at the McLaren team box during the first free practice at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates, Friday, Nov. 25, 2016. The Emirates Formula One Grand Prix will take place on Sunday. (AP Photo/Luca Bruno)

Formula One boss Bernie Ecclestone stops at the McLaren team box during the first free practice at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates, Friday, Nov. 25, 2016. The Emirates Formula One Grand Prix will take place on Sunday. (AP Photo/Luca Bruno)

MILAN — The Italian Automobile Club says it has signed a deal with Formula One boss Bernie Ecclestone to keep the Italian Grand Prix in Monza for the next three years.

Ecclestone and ACI president Angelo Sticchi Damiani had already agreed verbally to terms in September.

Sticchi Damiani says "with a lot of work despite a ton of difficulty, we've formally signed the contract for Monza."

While details were not announced, the deal is reportedly worth 68 million euros ($72 million), slightly less than the 25 million euros ($26.5 million) per year Ecclestone requested.

No circuit has hosted more F1 racing than Monza, which was on the inaugural 1950 calendar and dropped off only in 1980 when Imola hosted the Italian GP.

Next year's Italian GP is scheduled for Sept. 3.