China will continue to host a grand prix in Shanghai for at least three more years, Formula 1 confirmed on Friday.
F1 CEO Chase Carey, said of the new deal, “We are very pleased to have reached an agreement which will see the Formula One Chinese Grand Prix continue as a fixture of the Formula One World Championship for at least a further three years.
“This great country has already demonstrated an overwhelming show of interest in our sport and we firmly believe there is still a great deal of unexplored potential here. That’s why this renewed agreement is so important as part of our development strategy, especially in this part of the world.
“We and our partners in this venture want to make this Formula 1 Chinese Grand Prix even more spectacular, while bringing Chinese fans ever closer to the sport. Finally, we wish to thank the Shanghai Municipal Government for the support it has given and continues to give to the Grand Prix, which has been a crucial element of its success”
Jiang Lan, chairman of race organisers Shanghai Juss Sports Development, added: “The Formula One Chinese Grand Prix is one of the most prestigious and recognised events on the Formula One World Championship calendar.
“Since its Shanghai debut in 2004, the Formula One Chinese F1 Grand Prix has become a motorsport show piece for China but also a fixture for all of Asia Pacific’s and global motorsports fans. It is the most highly anticipated annual event in the city of Shanghai. As the promoter of the Formula One Chinese Grand Prix, Shanghai Juss Sports Development (Group) is delighted to announce an agreement to host the Formula One Chinese Grand Prix for three more years.
“Shanghai Juss Sports will continue to apply all efforts and resources to promote and grow the Formula One popularity in the future. The group is pleased to renew the Formula One host and promoter commitment, as it provides us an opportunity to stage the world’s ‘Top In Class’ international sports events and showcase the city of Shanghai as a truly global city.”
The Chinese Grand Prix contract expired after this year’s race and the event was marked as subject to confirmation on the first draft of the 2018 calendar.
Shanghai first hosted a grand prix in 2004 and has been a regular fixture on the calendar since then.