The Australian Grand Prix will remain in Melbourne until at least 2023 after organisers extended their Formula One deal.

The Albert Park circuit, which has played host to the Australian Grand Prix since 1996, was already secured as the venue up until the 2020 season following a renewal signed in 2014, and the Victoria state government has now penned a further three-year extension to that deal.

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 2014, AUS$60 million of Victorian taxpayers' money was spent on staging the race.

F1 supremo Bernie Ecclestone said: "We are very happy to extend our relationship with Melbourne, who continue to set the standard for Formula One events globally.

"This new agreement will take the city past 25 consecutive years of hosting Formula One, a super achievement."

According to local reports, Sydney had hoped to claim the hosting rights from 2021, but the premier of Victoria, Daniel Andrews, said: "There's nothing quite like the Australian Grand Prix in Melbourne and the buzz it creates around our state. It attracts visitors to Victoria from all over the globe, and shows the world we have the best of everything.

"Our competitors interstate have made no secret of their desire to steal it, but it is here to stay. I can assure Victorians Daniel Ricciardo won't be racing over the Sydney Harbour Bridge any time soon."

Since replacing Adelaide, the race in Melbourne has been the opener in every season except 2006 and 2010. Next year's season-opener in Melbourne is set to take place on 3rd April.

Source: SportsPro