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Bernie Ecclestone believes Monaco's place as an annual Formula 1 event is secure as "no-one has got the balls" to axe it.

For decades, the principality has been the jewel in the sport's crown. The race in Monte Carlo each year attracts the rich and famous from sports stars to royalty, and has long been regarded as one of the most prestigious and glamorous events in the entire sporting world.

But in recent years the shine has worn off somewhat. While Monaco itself remains an attractive destination, the street circuit is too tight for modern F1 cars – races in recent years have largely been dull affairs with overtaking extremely difficult, leaving fans to watch a procession rather than a competitive battle.

The often less-than-exciting racing action and declining reputation of the Monaco Grand Prix among some fans has led to speculation that its place on the annual F1 calendar, which has for so long been a formality, may now be under threat.

Last weekend's race was the final one that F1 bosses are contractually obliged to run, with the contract between