BEIJING, Sept. 5 (Xinhua) -- The Monaco Grand Prix will remain on the F1 calendar through 2035 after organizers signed a new four-year contract extension with commercial rights holder Formula One Management.

It is the second extension in less than a year. The Automobile Club of Monaco struck a deal with F1 in November to keep the race beyond 2025, with the promoter reportedly agreeing to a higher sanctioning fee as part of the package.

F1 CEO Stefano Domenicali said the latest deal secures the long-term future of the sport's most iconic race.

"The streets of Monaco have been echoing with the sound of Formula 1 since the earliest days of the sport, so I'm delighted to announce the extension of this fantastic event to 2035," Domenicali said.

"It is an iconic race that is loved by all drivers and fans, with a unique vibe thanks to its location on the world's most glamorous principality."

Next year, Monaco will move from its traditional late-May slot to the first weekend in June, meaning it will no longer clash with the Indianapolis 500. Instead, Montreal's Canadian Grand Prix will run the same weekend as Indy.

Monaco's place on the schedule had come under scrutiny in recent years amid criticism that its tight street circuit produces little racing action.

This year's edition featured an FIA trial of three tire compounds to encourage strategy variation. The governing body plans to mandate two pit stops in 2026 but has left the door open to alternative proposals from teams.

The Monaco GP was part of the inaugural world championship calendar in 1950 and has been a fixture every year since 1955. ■