F1 boss Ecclestone agrees 10-year contract extension for Monaco Grand Prix

London: Monaco Grand Prix organisers have agreed a deal to stage Formula One racing in the principality for a further 10 years.

The official F1 website announced that an agreement was reached on Wednesday in London between F1 commercial boss Bernie Ecclestone and Monaco Automobile Club president Michel Boeri.

Ecclestone had claimed earlier this month that F1 could "do without Monaco", complaining that the Mediterranean principality didn't pay enough to stage the race.

The 68th Monaco GP was won by Red Bull driver Mark Webber in May.
The next race will be held on May 29, 2011.