The Austrian Grand Prix will remain on the Formula 1 calendar through to 2027 following the signing a new deal.

Race promoter Projekt Spielberg GmbH & Co KG has signed a four-year agreement, extending its stay in F1 after the event returned to the schedule in 2014 at the Red Bull Ring following an 11-year layoff.

This year’s race from June 30-July 2 was due to be the last under its previous agreement.

But the grand prix has become one of the most popular over the years, making a decision to retain it an obvious one.

F1 president and CEO Stefano Domenicali said: “The Austrian Grand Prix brings together the perfect mix of a challenging track, high-speed racing, and a beautiful venue for our fans.

“So I am delighted that we will be coming back to the Red Bull Ring until at least 2027 under this new agreement.

“As we celebrate the 10th year since our return to Spielberg, I would like to thank everyone involved in this renewal, especially the promoter and Red Bull.

“And I want to pay tribute to Dietrich Mateschitz for the love, passion, and vision he brought to Formula 1 that has ensured the continued success of the event and the huge enthusiasm for our sport in Austria and around the world.”

Red Bull co-owner Mateschitz, who died last year, was an integral figure in the race’s return, notably revamping the old A1-Ring into a state-of-the-art circuit and facility.

Erich Wolf, Projekt Spielberg general manager, said: “We are proud of the special partnership we have with Formula 1, and we are absolutely delighted to be welcoming the top class of motorsport to the Red Bull Ring for a further four years.

“In signing this contract extension, Formula 1 has made a strong commitment to Austria, Styria and the Murtal region.”