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Thu 20 Nov 2014 04:16 PM

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Abu Dhabi signs new multi-year F1 contract extension

Current agreement for the Yas Marina Circuit was due to expire after the 2016 race

Abu Dhabi signs new multi-year F1 contract extension
(Getty Images)

Formula 1 Grand Prix racing will remain at Abu Dhabi’s Yas Marina Circuit for the foreseeable future after it was announced on Thursday promoter, the Abu Dhabi Motorsports Management (ADMM), had signed a multi-year extension to its current contract.

The current agreement was due to expire after the 2016 race, but the new deal with Formula One World Championship Limited (FOWC) will see the Formula 1 Abu Dhabi Grand Prix remain a feature of the FIA Formula One World Championship calendar.

“This race and the Yas Marina Circuit has introduced Abu Dhabi and the United Arab Emirates to tens of millions of visitors and TV viewers from around the world. We remain committed to continually delivering a better experience for the Formula 1 family and ticket holders,” said HE Khaldoon Khalifa Al Mubarak, chairman of Abu Dhabi Motorsport Management. “It is a mark of the quality of our partnership with Formula One World Championship that we both want to focus on looking forward and on delivering many more successful races.”

Due to growing demand, this year's Yas Marina Circuit expanded its capacity to 60,000, a 20 percent increase since 2009.

A total of 125,000 local and international spectators will attend the weekend event, with nearly 50 percent of all attendees coming from overseas from more than 120 countries.

“Abu Dhabi has played an important part in pioneering the modern era of Formula 1 racing,” said Bernie Ecclestone, chief executive officer of Formula One group of companies. “I said when the Yas Marina Circuit was opened that it may one day be matched, but it will never be bettered. The island has continued to transform each year. We have a wonderful partner here.”

Above: HE Khaldoon Khalifa Al Mubarak, chairman, Abu Dhabi Motorsport Management with Bernie Ecclestone, chief executive officer of Formula One group of companies

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Billy 4 years ago

Mmmm....if we are to believe an article published a few days ago in Arabian Business the end of F1 is nigh. Multiple teams will be bankrupt in 2015 and with the lack of any incentive from the ever "frugal" Mr Ecclestone for any new teams to join the sport perhaps Abu Dhabi's decision might be seen a being a little rash. Hopefully there will be a wind of change next year and Mr Frugal will be forced to cough up a fairer share of his billions to the people and their teams who actually risk their lives to make the sport what it is today. Shudder at the thought Mr Frugal, maybe you might even have to invest in some of the smaller teams to keep the races interesting.