BEIJING, March 20 -- The F1 Monaco Grand Prix, originally scheduled to be held from May 21 to 24, has been postponed, according a statement released on Thursday.

"For the first time since 1954, Monaco's streets will not echo to the sound of F1 machinery after the Automobile Club de Monaco (ACM) announced the cancellation of this year's Monaco Grand Prix," the statement claimed.

Due to the continuing outbreak of COVID-19, the Historic Monaco Grand Prix has been cancelled.

"After careful consideration as to the gravity of this crisis worldwide, it is with great sadness that the board of directors has taken this decision," said in the statement.

The ACO also added in a statement, "The multi-border restrictions for accessing the Principality of Monaco, the pressure on all implicated businesses, their dedicated staff who are unable to undertake the necessary installations, the availability of the indispensable workforce and volunteers (more than 1,500) required for the success of the event means that the situation is no longer tenable."

Additionally, it had earlier been announced that the race had been postponed, along with the Dutch and Spanish Grands Prix, but the ACM have since clarified that "with great sadness" the race will be cancelled.

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