Formula One will remain in China until at least 2018 after a new seven-year extension was agreed this week.
The future of the grand prix looked uncertain with officials disappointed by the turnout and rising costs of hosting the event. However, it seems more favourable terms have been agreed in the new deal.
The Shanghai Daily reports that the city’s Sport Bureau confirmed the deal on Wednesday morning between Formula One Management (FOM) and Juss events, the organisers of the race.
The track still faces FIA homologation in March following issues with drainage and the track surface – though this is likely to be passed with issue.
