The Belgian Grand Prix at Spa-Francorchamps will remain a feature on the Formula 1 calendar until at least 2021 following an extension to its current deal.
The event, which is a favourite amongst most motorsport fans, had failed to agree a new deal with the current contract set to expire after this year's grand prix.
But this week the local Wallonia government agreed a new three-year deal with Liberty Media which the economy minister, Pierre-Yves Jeholet, said would continue to provide a much needed boost to the local area.
"This is a good agreement that ensures the continuation in Wallonia of an event that contributes to the promotion of the region on a global scale," he told belgian newspaper L'echo.
"It is also a new era since this is the first time we have negotiated with Liberty Media."
According to government figures, the race contributed €20.5 million (£18m) to the local economy in 2017, which was a 21 per cent increase on the previous year, whilst the benefit to Belgium as a whole is in excess of €29m (£25m).
Organisers have also reported that tickets sales are doing well for the 2018 edition with 200,000 already sold for the weekend, 75,000 of those for race day with over two months to go until the race.
Japan and Germany remain the only races on the 2018 calendar yet to secure new deals for 2019 and beyond.
