Monagesque Royals Watch Monaco Grand Prix 2009

Most of Monaco’s princely family witnessed the annual Grand Prix Sunday, as Jenson Button won this year’s event.

Prince Albert II, Princess Stephanie, and the three Casiraghi children sat in the stadium to watch the 7 lap race, one of most prestigious Formula One events.

Monaco’s sovereign Prince awarded Button with the winning trophy, with niece Charlotte Casiraghi, and nephews Andrea and Pierre Casiraghi by his side. Button has now won five of the six F1 events, making him the dominant force in this year’s races.

Button’s win has been overshadowed this year, by threats from Ferrari and Renault to pull out of the F1 events due to the sport’s governing body’s governing budget cap initiative.

“I’m sure we cannot afford to lose teams like Ferrari or Renault,” Prince Albert urged. “I think it would be such a bad image for the sport that I am sure that a solution is going to be found.

“The economic impact [of holding a race in Monaco] can be measured in hundreds of millions of Euros. It is part of history, and should there be a change in regulations or in the sport’s outlook on things, then we would all put up a big fight to try and keep the grand prix here. We are happy to work with the FIA and everyone involved in F1.”

The Grand Prix is a four day event in Monaco.

During the past few days, Prince Albert and his family have been taking part in charity football games, opening hotels among other major social events.