The contract between Bernie Ecclestone and the Nurburgring has been extended until 2009, securing the long-term future of the European Grand Prix in Germany.  After a lengthy process, both parties have now agreed terms, which means that for the next five years the European Grand Prix will be held on the Nurburgring, in the German Eifel region.

“There is a lot of satisfaction in achieving a positive result after such difficult negotiations,” said the Nürburgring’s chief executive officer, Walter Kafitz.

At the weekend, before today’s official announcement, Formula One promoter, Bernie Ecclestone, said: "The German automotive industry is playing a key role in F1. We've signed a new deal with the Nurburgring."

The Nurburgring has played host to the European Grand Prix for the last five years.