Monza must accept new contract terms - Ecclestone

"As for me, I have a pen. There is only the need for a contract, that's all." - Bernie Ecclestone.

Mark Webber, Red Bull Racing RB9 at the start of the race

Jul.7 (GMM) Bernie Ecclestone has revealed he is "ready to sign" a new contract with circuit officials at Monza.

The F1 chief executive sparked alarm among proponents of the historic Italian Grand Prix venue when he warned that he could axe the race after 2016.

At Silverstone, another of the sport's iconic and traditional tracks, he repeated his warning about the Autodromo Nazionale.

"Without an agreement, there will be no (Italian) Grand Prix," he told Italy's Sky television.

"The organisers know what to do and I'm ready to sign if they can comply with terms equal to those of all the other races in Europe," Ecclestone added.

"We do not want to lose Monza," he insisted. "It's not that Monza will be cut from the calendar, it's that the contract will expire and we still do not have a deal.

"I spoke with the organisers a couple of years ago to explain what the terms will be. They only need to accept the contract and sign it.

"As for me, I have a pen. There is only the need for a contract, that's all."

Asked to predict the outcome of Monza's new predicament, Ecclestone responded: "I don't know, I really don't, but we'll try.

"We do not want to lose Monza, but we need to bring them into line with the rest of Europe."