The Belgian Grand Prix will continue to run at Spa for at least three more seasons after a new deal through until 2015 was announced.

The deal, announced by Spa Grand Prix chairman Etienne Davignon and Walloon Region minister of finance Jean-Claude Marcourt, comes after question marks were raised about the viability of the event due to rising costs.

One suggestion had been for the event to enter into an alternate race-share deal with Magny-Cours, which would have allowed the French Grand Prix to return to the calendar, although that deal fell through after the French presidential elections.

The new agreement however will see Spa's immediate future secured with Marcourt quoted as saying that the agreement was on more favourable terms for the circuit - with the value of the contact having fallen.

How much that contract has fallen by hasn't been publically announced.

The 2012 running of the race takes place next month.