The existing contract was due to run out after this year’s race at the Red Bull Ring in the mountainous setting of Spielberg on July 2.

“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,” F1 President and Chief Executive Officer Stefano Domenicali said in a statement.

Austria has hosted an F1 championship race on and off since 1964 and the Red Bull Ring has been on the calendar each year since 2014. The venue also held a second race in each of the 2020 and 2021 seasons under the Styrian Grand Prix name as F1 made up for races canceled during the coronavirus pandemic.