Monaco signs 10-year extension for F1 race

Monaco has signed a 10-year contract extension for its Grand Prix only weeks after Formula One's commercial supremo Bernie Ecclestone suggested the sport could live without the showcase race.

"The Europeans are going to have to pay more money or we will have to go somewhere else," the Independent newspaper had quoted the Briton as saying before this month's British Grand Prix.

"We can do without Monaco. They don't pay enough," he added.

Ecclestone's Formula One Administration said in a statement on Wednesday that the 79-year-old had met Michel Boeri of the Automovile Club de Monaco in London and agreed a 10-year extension.

Next year's Monaco Grand Prix will be on May 29.