(Reuters) The province of Styria said it had signed a contract with Formula One supremo Bernie Ecclestone to 2006.
The deal was a relief for Austrians as their venue had been considered a likely candidate to be dropped when Russia's new circuit is completed in 2003.
Triple world champion Niki Lauda, now Jaguar's team principal, helped the Austrian state and Styria negotiate the contract.
Styria will pay Ecclestone EUR10.9m (USD9.72m) per grand prix, pay the drivers to race and cover the costs of organising the event.
In return, the province will receive the revenue from ticket sales and a sum from the Austrian state, which will pay for the organisation of the race.
