An Australian newspaper is reporting that the Australian Grand Prix will remain on the F1 calendar until 2015.
According to the Herald Sun the race will stay at Albert Park where it has been since 1996.
Bernie Ecclestone had been pressuring the organisers to turn the event into a night race for the benefit of European TV audiences and othe tracks including Phillip Island and Eastern Creek had been suggested as alternative venues.
The newspaper claims the new race will start at 5pm local time (6am British time) and may start later in the future.
The Herald Sun quotes a government source claiming a formal announcement is “imminent”.
Despite being a popular race among the Formula 1 fraternity the event has struggled financially and some sources suggest it has never made money.