Melbourne secures F1 race until 2020

After year-long talks with Formula One Management (FOM), Melbourne has put pen to paper on a fresh Formula 1 deal that will see the Australian Grand Prix remain at Albert Park until at least the 2020 season.

Premier of Victoria Denis Napthine and Minister for Tourism and Major Events Louise Asher took centre stage to announce the 2016-2020 extension, finalized with Bernie Ecclestone and FOM in London last week.

"I congratulate Australian Grand Prix Corporation Chairman Ron Walker for his success as a tough negotiator in getting the best deal for Victoria," said Napthine after its confirmation. "Within this contract we hope to see Australia's own Daniel Ricciardo win the Formula 1 Australian Grand Prix and become World Champion."

"I congratulate Melbourne for the excellent way in which it presents Formula 1 to the world," added Ecclestone.

Melbourne also looks set to keep its season opener slot, with organizers expecting a March 15 race date.