The Azerbaijan Grand Prix will remain on the Formula One calendar for the next five years after a new deal was signed between race promoters and the sport on Tuesday.

Axar.az reports that, the existing contract was due to expire after 2020's race but the new deal ensures the Baku street circuit remains in F1 until at least 2023. The former-soviet state first hosted a race in 2016 after signing an original ten-year deal with Formula One's previous CEO Bernie Ecclestone. However, last year the organisers of the race triggered a break clause in order to make the 2020 race the last of the original contract and bring F1's new owners, Liberty Media, to the negotiating table.

At an event in Baku on Tuesday, it was announced that an additional three-year deal had been agreed, which, according to Azerbaijan's minister of sport and youth, Azad Rahimov, allows the race "to maximise its commercial revenues through increased fan-engagement activities" and "offers a brand new sponsorship approach to engage local and regional businesses".

The renewal comes just one week after the Formula One Promoters Association [FOPA] -- a group of 16 promoters including Baku -- issued a statement raising concerns over the way the sport is being run. However, after Mexico distanced itself from the FOPA statement last week, Baku's announcement also appeared to be at odds with FOPA's stance as Rahimov was quoted saying the new deal was "never in question".