Melbourne will continue to host the Australian Grand Prix until 2020 after a new five-year deal was finalised. After a year of negotiations a new contract from 2016-2020 was signed with Formula One Management in London last week to keep the venue on the calendar.

Albert Park has hosted the Australian GP every year since 1996 when it switched from Adelaide and has established itself as a firm favourite amongst both fans and drivers alike.

State Premier, Denis Napthine, seems keen to capitalise on the success of Australia’s home-grown hero Daniel Ricciardo who celebrated his second Formula One win in Hungary last week, and is is hopeful that it will continue to entice large crowds and TV audiences.

“This is a terrific announcement that reaffirms Melbourne and Victoria as the sporting and events capital of the world,” he told the 3AW radio station. “We’ve secured another five-year deal for the grand prix and we’ve secured a great deal for the people of Victoria that’s a better deal than the existing deal.

“The new deal is on the same terms as the existing contract in that it will be the first race of the season, it will be in March each year.”

“Within this contract we hope to see Australia’s own Daniel Ricciardo win the Formula 1 Australian GP and become World Champion.

“Formula 1 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 1 Australian GP in March, the AFL Final Series, and the Spring Racing Carnival,” Dr Napthine said.