Melbourne's Albert Park will continue to host a Grand Prix until at least 2020, after the Victorian Government concluded a year of negotiations with Formula One Group.

The new contract will kick-in after the 2015 edition of the race. The Australian Grand Prix has been held in Melbourne since switching from Adelaide in 1996. It has become the traditional starting point of the Formula One world championship each year, a trend which is set to continue until 2020 under the terms of the new contract.

“Formula One is a key pillar of Victoria’s major sporting events strategy. This calendar is unrivalled worldwide, commencing with the Australian Tennis Open and Asian Football Cup in January, followed by the ICC Cricket World Cup in February, the Formula One Australian Grand Prix in March, the AFL Final Series, and the Spring Racing Carnival,” said Denis Napthine, the premier of Victoria.

No financial details were released, although the figures were expected to emerge given the scrutiny about the level of public funding required to run the Grand Prix on the temporary parkland circuit each year. In 2013, AUS$50.67 million of Victorian taxpayers' money was spent on staging the race. The 2014 figure has not yet been made available.

On Sunday, as the deal was announced, the Melbourne Herald newspaper quoted sources as saying the new financial terms were "comparable or better" than the current contract. The Australian Grand Prix Corporation (AGPC), which organises the race, and the government often cite wider economic impact figures - around AUS$39 million - to justify the public spend.

The new contract is believed to include clauses allowing the AGPC more freedom than most Formula One race promoters, including relaxation on hospitality rights and provisions for 'Melbourne' promotional branding to appear around the circuit.

Organisers also said the 2015 race, the 20th to be staged in Melbourne, will be staged between 12th and 15th March.

Source: Sportspro