The Monaco Grand Prix will remain on the F1 schedule for at least the next ten years after the signing of a new contract to keep the race on the calendar.

Commercial rights holder Bernie Ecclestone revealed earlier this month that the future of the event wasn't as secure as many believed.

There has long been talk that, while other circuits struggle to raise the finances needed to host an event, Monaco doesn't pay an annual fee to Ecclestone's Formula One Management Group - with speculation that it could lose its play on the calendar if that didn't change.

Indeed, Ecclestone was quoted in the Independent earlier this month as suggesting that 'we can do without Monaco' as they 'don't pay enough'.

However, despite a number of other nations waiting in the wings, Ecclestone has now agreed a new deal with the Automobile Club de Monaco to run for ten years from 2011 onwards.

The date of the 2011 race has also been confirmed as 29 May.

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