There's good news for Formula 1 fans in Italy. The Italian Grand Prix has been extended until at least 2024, as Formula 1 announced a contract extension at an event in Milan while celebrating the 90th anniversary of the iconic race. This Sunday, the Monza Eni Circuit would host the Italian Grand Prix 2019.

Historically, Monza has so far hosted 68 Formula 1 World Championship races, a number that exceeds any other track in the world. The first-ever Italian Grand Prix to have been held in Monza was in 1921. Since the inaugural racing championship in 1950, only Britain and Italy have consistently hosted F1 rounds every year.

F1 CEO and Chairman Chase Carey stated, "History, speed, and passion are words that motorsport fans associate with Monza." He went on to say that his organisation would ensure that the unique thrill associated with the Italian Grand Prix must be sustained.

According to BBC, US Group Liberty Media, who are also the owners of Formula 1, have already pledged to protect the most historic and iconic F1 races by extending the calendar and adding new territories to the schedule. The year 2020 would see a record 22-races season, with the return of the Dutch Grand Prix after 1985, and the addition of a new race to be held in Hanoi, the Vietnamese capital.

Formula 1 will have a 22-race calendar in 2020 Getty

Ferrari is backing Belgian Grand Prix champion Charles Leclerc on achieving glory at Monza. With the 21-year old Monacan racer playing an instrumental role in enabling Ferrari to beat arch-rivals Mercedes earlier this month, all eyes are currently on him. His teammate Sebastian Vettel is confident in producing amazing results in the Italian race.

Last weekend, Leclerc entirely dominated the race at Spa-Francorchamps, right from the start until the finish. Vettel is confident that in Italy too, the long straight sections of the race track would enable the Ferrari drivers to utilize their pace to the best possible extent.

Vettel also went on to say that his young Monacan teammate has a lot of potential and hopefully, he would end up winning many more Grands Prix titles throughout the remainder of his career. Ferrari won their last Italian Grand Prix in 2010, courtesy of Fernando Alonso's brilliant performance.