Click here to submit your sports results for The Canberra Times

Australian Grand Prix to stay in Melbourne until 2020

The Australian Grand Prix will remain in Melbourne until at least 2020 after the Napthine Government signed a new five-year deal.

The deal comes following more than a year of negotiations between the government and formula one management.

Premier Denis Napthine won't say how much the new contract is worth, but insists it's better than previously negotiated.

Commercial rights have been retained under the new contract, which includes Melbourne hosting the first race of the season in March.

The jobs of 49 full-time staff and hundreds of contractors have also been secured.

More than 100,000 people attended the 2014 grand prix.

The government says the Melbourne Grand Prix boosts the economy and drives tourism.

The most recent figures show that the 2013 event cost taxpayers $50.7 million.