Monaco GP has the right formula to make money

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Michel Boeri, president of event organiser the Automobile Club de Monaco (ACM), said: "The turnover for the city during this period is generally estimated to be around €100 million [£80 million], and €10 million for the bordering towns."

Over the four days of the Grand Prix, 200,000 spectators descend on the Mediterranean tax haven, which has a resident population of just 30,000. Space restrictions mean Monaco has the smallest seating capacity of any F1 circuit with only 37,000 tickets available. Everyone else hangs from the balconies of apartments or stands on the decks of superyachts to follow the race.

With limited tickets, revenues alone do not meet the huge cost to the ACM of transforming the city into a racetrack. It takes six weeks, and requires 3000 staff, to put up 1100 tonnes of grandstands, 900 tonnes of pit garages and 33 kilometres of barriers.

"The budget for the Grand Prix is around €30 million," said Boeri, adding that the event also receives a state subsidy of e6 million. The balance comes from trackside advertisers such as Vodafone and Shell, which pay a total of about €11 million - the most received by any F1 race.