For this year, the event will take on a title sponsor for the first time in its 96-year history.

This year’s event will officially be known as the Formula 1 TAG Heuer Monaco Grand Prix.

The iconic event has been a mainstay of the F1 calendar since the 1950s but can trace its roots back to 1929.

Over the decades, the circuit has changed comparatively little while the event managed to retain many of its unique quirks.

However, in recent years, there has been a push to bring it into line with others.

Where once F1 machinery was on track on Thursday, before having Friday off, the schedule has been squashed into the typical three-day format since 2022.

The unusual format had to do with the timing of the Monegasque Ascension Day holiday, which takes place 40 days after Easter.

That often saw it fall on the grand prix weekend and necessitated the street circuit opening to normal traffic on a Friday to allow local businesses to restock ahead of the weekend.

With a packed calendar of 24 events, and Monaco typically forming part of a back-to-back or even triple-header sequence with the Emilia Romagna and Spanish Grands Prix, the extra day was no longer viable.

Going forward, there is even less need as the event will lose its historic date from next season.

Traditionally held on the final weekend of May, a new contract with Formula 1 means it will be moved back a week and instead take place on “the first full weekend in June each year.”

Formula 1 has also taken over broadcasting the event, which was formerly managed by the local promoters, bringing it in line with the rest of the calendar.

The title partnership deal with TAG Heuer is another part of the LVMH deal struck with the sport’s commercial rights holder, as is the Louis Vuitton title sponsorship of the Australian Grand Prix.

Signed last year, the deal is worth AUD $1.6 billion and spans 10 years.

This year’s Monaco Grand Prix, Round  8 of the 24-event schedule, takes place on May 23-25.