Monza's chances of keeping the fabled Italian grand prix on the F1 calendar have received a boost.

According to Corriere dello Sport, the local Lombardy region has committed to allocating an extra EUR 25 million over the next five years to keep the event at Monza.

The current race contract with Liberty Media is set to expire after 2019.

"This is the first step because the priority is renewing the contract and keeping the most important international sporting event in our country at Monza until 2024," said Lombardy sport councillor Martina Cambiaghi.

Another councillor, Andrea Monti, added: "The news is that formula one is negotiating for a race in the Netherlands and has decided a date for Vietnam in 2020.

"And this is a step towards the renewal in Monza."