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Hockenheim will continue to hold the German Grand Prix every other season until at least 2018 after a new deal secured its long-term Formula 1 future.

The German venue has alternated as host of its country’s race with the Nurburgring since 2007 so to share the costs of holding the event, but Hockenheim’s continued participation in this arrangement was thrown into doubt in June when the track lost local government financial backing for its race.

With its most recent event last year having run at a loss of €5.3 million, Hockenheim City Council baulked at the prospect of footing an anticipated €6m bill when the race returned in 2010, which marked the final year of the track's F1 contract.

However, following several meetings between F1 supremo Bernie Ecclestone and a delegation of race organisers in recent months to resolve the financial issues, the Hockenheim track issued a statement on Thursday evening announcing that an agreement on a new deal had been reached between Formula One Administration, the mayor of Hockenheim and track operators.

The new deal will see FOA and the track share the financial risks involved with staging the race.

"The new contract not only ensures the continuation of the now nearly four-decade-long tradition of Formula 1 at the Hockenheimring for another decade, but it also includes a financial arrangement where the FOA and the Hockenheimring GmbH jointly participate in the entrepreneurial opportunities and risks of the event,” Hockenheim mayor Dieter Gummer and circuit bosses said in a joint statement on Hockenheim’s website.

Hockenheim’s next F1 event was scheduled in for 25 July on the provisional 2010 calendar released last week.