Formula One has extended its deal to race in Melbourne’s Australian Grand Prix until 2035.
The agreement represents a ten-year extension of the previous contract, which was set to expire in 2025.
It will bring the race’s total run time to nearly 40 years.
Melbourne attracted competition from other cities, notably Sydney, but prevailed due to the commercial package on offer and its reputation as a successful event.
The Albert Park track in Melbourne first hosted a Formula One race in 1996.
It has established itself as a regular of the Formula One calendar and continues to be a significant success for Melbourne and Victoria.
This year, when Melbourne returned to the calendar after a three-year break due to the coronavirus epidemic, 419,000 people flocked to Albert Park, making it the highest turnout for a weekend sports event in Australian history.
F1 president and chief executive officer Stefano Domenicali said: “The race has always been a favourite for the fans, drivers and the teams, and Melbourne is an incredible and vibrant international city that is a perfect match for our sport.
“This year we saw huge crowds and passionate fans at the Grand Prix, and we are very excited by the future in Australia as our sport continues to grow.”