It had earlier been reported that the event’s officials were keen to negotiate better financial conditions in what has been an event blighted by ever-dwindling crowd attendance ever since its first race in 2004.
But the Shanghai Daily newspaper is reporting that a deal has been struck between Formula One Management and the event’s organiser, Juss Events, to keep the race at the Hermann Tilke-designed circuit until at least the 2017 season.
It is believed – according to quotes attributed to the city’s vice-Mayor Zhao Wen – that the promoter fees payable to FOM have been reduced.
[Original image via LAT]
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