Sepang - The Chinese Grand Prix will remain in the Formula One
calendar for at least three more years, according to a contract extension
announced by F1 on Friday.
Under ambitious new US-based owners Liberty Media, F1 had
released its 2018 race schedule in June with the Shanghai leg only listed as
provisional, prompting speculation it could be axed.
But F1 said in a statement that it had reached an agreement
with local organiser Shanghai Juss Sports Development to keep the race in China
The current deal had been due to expire at the end of this
"We are very pleased to have reached an agreement which
will see the Formula 1 Chinese Grand Prix continue as a fixture of the Formula
1 World Championship for at least a further three years," F1 chairman and
CEO Chase Carey said.
"This great country has already demonstrated an
overwhelming show of interest in our sport and we firmly believe there is still
a great deal of unexplored potential here."
Terms were not disclosed.
Liberty is in the process of rebuilding Formula One after
taking over from its flamboyant long time ringmaster Bernie Ecclestone amid
concerns over the viability of the circuit.
Carey has signalled the importance of China and Asia in its
plans for future growth and earlier in September organisers of the Singapore
Grand Prix announced a four-year contract extension until 2021, promising to
take fresh steps to reduce the race's costs and increase revenue.
Malaysia has decided to cancel its grand prix following this
week's race at Sepang, citing rising costs.
The Shanghai International Circuit held its first race in