Dec.24 (GMM/ Race officials are now confident formula one is staying in Italy.

“The Monza grand prix is saved,” proclaimed Italian automobile club (Aci) chief Angelo Sticchi Damiani.

His confidence follows progress in the Italian parliament recently, where the controversial ‘stability law’ was tweaked in order to help authorities raise the necessary money to ink a new deal with Bernie Ecclestone.

La Gazzetta dello Sport said the law tweak is crucial, as Aci is now able to contribute about two thirds of what F1 supremo Ecclestone is demanding.

The rest will come from the automobile club of Milan, led by former F1 driver Ivan Capelli.

“Ac Milano thinks it can cover about 6.5 million dollars, which is what it collects through ticket sales, and we will make the difference: about 12.5 million,” Sticchi Damiani added.

“It is a significant financial commitment that will force us to draw up a plan of savings,” he said.

But the next step will be a meeting with Ecclestone, reportedly in the first half of January.

“The agreement with Bernie has essentially already been found,” Sticchi Damiani revealed, “we just have to focus on a few details including the duration of the contract.

“The objective is to sign the agreement, with myself and Capelli, by the end of January,” he added.