Steeped in tradition, set in beautiful parkland and home of Ferrari's passionate tifosi, Monza's fabled Temple of Speed has hosted more Formula 1 World Championship Grands Prix than any other venue. And now, the Italian Grand Prix is set to remain at the historic track for at least another five seasons.

An agreement between Formula 1 and the Automobile Club d’Italia (ACI) - which runs until at least the end of 2024 - was announced on Wednesday evening during a public event held in Milan to celebrate the 90th edition of the Italian Grand Prix and, at the same time, the 90th anniversary of Scuderia Ferrari.

The Italian Grand Prix has been on the Formula 1 calendar since 1950, the year the World Championship was established, and the race has been held at Monza every year, with the exception of the 1980 race, which was run at Imola.

The Autodromo di Monza - known also as 'La Pista Magica' - has hosted 68 Formula 1 World Championship races, and, on twelve occasions the Drivers’ title has been decided there. The last occasion this happened was in 1979, when Jody Scheckter secured the world championship crown.

The South African will return to Monza this weekend to drive the same Ferrari 312 T4 with which he won the race and the title forty years ago.

Monza's Temple of Speed tag is particularly apt. The highest average race speed was established here in 2003, when Michael Schumacher won at an average of 247.585 km/h, while last year, Kimi Raikkonen cloked the fastest lap on record at an average of 263.587 km/h.

Monza is not just home to the circuit that hosts one of the classic Formula 1 events, it is also a city that offers top class tourism and artistic attractions. Furthermore, it is just a short distance from Italy’s most vibrant and dynamic city, Milan.