Shanghai has secured a seven-year extension to its contract The Chinese Grand Prix’s future is seemingly secure, after a seven-year contract extension was signed for the city to continue hosting its nation’s Grand Prix.

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]

The following two tabs change content below.

Richard Bailey

Founder & Chief Editor at MotorsportM8
Hasn't missed a Grand Prix since 1989. Has a soft spot for Minardi. Tattooed with 35+ Grand Prix circuits.