The Chinese GP is keen on signing a new deal to keep F1 at the Shanghai circuit for the foreseeable future.
Leon Sun of Juss Events who promote the race spoke to Reuters and was confident a new contract would be signed, but a few technical issues are yet to be sorted.
“It hasn’t been announced because there are still a few technical issues to be sorted out but we’re in good shape,” said Sun.
“It looks good at the moment. We’ve got until October this year to sort it out but I’m confident that we’ll have something before that.”
The race has suffered from big financial losses since it joined the calendar seven years ago, partly because of the small crowds – which Bernie Ecclestone believes is down to the fact the event is poorly advertised in the country.
“It is a shame because the whole venue is super, everything is good,” he said told Autosport before the race this year. “It is shame. They are not promoting it properly; it is as simple as that. The people that run the place ought to do a bit more. If you were in Shanghai you wouldn’t even know there is a race here.”
Despite this, Sun hopes Ecclestone understands that China is still building a market for F1 and it would be a while before it was at the same level of Europe.
“We are trying to build something,” Sun said. “Obviously, compared to races in Europe we still have a long way to go to build the market. We improve every year and I think Bernie appreciates and understands this.”