Shanghai agrees F1 extension 17/02/2011 |
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The future of the Chinese Grand Prix in Shanghai has been secured with the signing of a new seven-year deal which will guarantee the race until 2017.
It has been reported lately that officials wanted better contract terms for a renewal, with the first seven races at the Shanghai International Circuit attracting few spectators and huge financial losses.
The city's Sport Bureau announced on Wednesday (February 16) that the deal between Formula One Management and local organiser Juss Events has been extended until 2017.
Shanghai vice mayor Zhao Wen was quoted as saying the value of the renewed contract was lower than the previous one.
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