In an effort to increase revenue from the Monaco Grand Prix, the Automobile Club of Monaco will be charging a new fee of up to €300 per yacht guest; a move that will likely generate millions in extra revenue for the owners of F1.
The future of the Monaco Grand Prix very publicly hung in the balance until August 2022, when it was confirmed that the Automobile Club de Monaco (ACM) had signed a three-year deal to remain on the Formula One calendar until 2025.
Among the reported issues was the excessive fees demanded by Liberty Media Corporation, an American mass media company that acquired the Formula One Group in 2016 and has spearheaded newcomers like the Las Vegas Grand Prix and the Miami Grand Prix.
Now, in an effort to boost revenues from the Monaco Grand Prix and meet its contract renewal obligations, the ACM is targeting Monaco’s luxury yachting sector.
In an official communication by the ACM, seen by Monaco Life, organisers of events on yachts have been informed that: “For the 2023 and future editions of the F1 Grand Prix de Monaco and Formula E, the terms of the new F1 Promoter Agreement and the rising client demand, particularly from the F1 Teams and F1 Global Partners, have obliged ACM Direction to introduce a much stricter approach to the Port Access/Viewing Pass.”
New fees being applied at the Monaco Grand Prix
With the iconic Monaco Grand Prix circuit located right next to the water, a defining aspect of this prestigious race are the superyachts that line the harbour. Given their locations, however, most yachts do not provide direct views of the F1 race track.
Previously, only grandstand tickets were required for people leaving the yachts and entering the circuit to view the race. A significant berth fee also applies to the vessels.
Now, each vessel allocated a berth in the port during the Grand Prix must apply additionally for viewing passes for each of their registered guests during the racing period. Crew and suppliers must also have passes, however these will be free.
Different wrist bands will be allocated for hospitality “day” guests on each day of the event.
In Zone 1, the fee is 310€ per person, in Zone 2, the fee is 200€.
Monaco is home to some of most sought-after berths in the world. Considering the number of yachts that Monaco can accommodate during the GP, the revenue generated from this new system is likely to be significant.
As reported by Monaco Life, the largest yacht this year will be Octopus, the 126-metre behemoth formerly owned by Microsoft co-founder Paul Allen.
According to the ACM, “port checks will be made systematically during the event to ensure all guests are in possession of an ACM Access/Viewing pass. Security checks will be operational all around the circuit.”
The Monaco Grand Prix will be held from Friday 25th to Sunday 28th May.
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Photo by Monaco Life