The Australian F1 Grand Prix is set to to remain in Melbourne for another term.
F1 ringmaster Bernie Ecclestone is confident the Victorian government will renew the deal for the event which will open the 2014 world championship at Albert Park from March 13-16.
Speculation remains high that the length of the new term may be shorter than the current five-year deal which ends next year.
Ecclestone has told News Limited that the event will remain in Melbourne with the Victorian government close to finalising contract terms.
The Australian Grand Prix moved to Melbourne in 1996 after running in Adelaide from 1985-1995 and has waged a constant political battle centred around the cost which is estimated to be $50million a year.
Ecclestone said: “We're happy with Melbourne, they seem to be happy with us, so I suppose it will be all right.”