The Chinese Grand Prix in Shanghai will be staying on the Formula 1 calendar until at least 2017, it has been confirmed, with the news following much speculation that the event – which debuted in 2004 – was soon to be axed.
The Shanghai International Circuit has most recently been in the news for problems involving sinking ground at three corners – the chief cause of drainage problems during the wet 2010 event.
However, the race will remain an F1 fixture for at least seven more seasons, courtesy of a deal between organisers Shanghai Juss Event Management Co. and Bernie Ecclestone’s Formula One Administration (FOA).
“F1 is a calling card for Shanghai,” Zhao Wen, vice mayor of Shanghai, explained to reporters on Wednesday. “I am confident about the success of the event in the years ahead. We’ve learned that high ticket prices have led to fans staying away and will try to improve the situation in the following years.”