Austrian GP future assured until 2006

Local authorities in the province of Styria have agreed to cover the costs at the A1-Ring circuit, and have signed a contract with Formula 1 commercial rights holder Bernie Ecclestone until 2006. Jaguar Racing's Austrian team principal Niki Lauda was involved in the negotiations for the contract.

"What helped is that the Austrians have themselves taken on the risk of staging the Grand Prix," said Lauda on Austrian TV. "What used to happen in the past in motor racing is that one rented it out and took on the risk of spectators, but that's now been changed. We Austrians are going to stage the Grand Prix and therefore we alone are responsible for it."

Styria will pay Ecclestone 6.7 million pounds per race. In return, the province will receive the revenue from ticket sales and a sum from the Austrian state, which will fund the costs of organising the Grand Prix.

"It is the absolute number one sport event of the year for Austria so we're very pleased to be able to bind this event to Austria for several more years," said a Styrian spokesman.