The future of the Belgian Grand Prix at Spa-Francorchamps has been secured, with the local government striking a fresh deal with Formula 1 owners Liberty Media to host the race until 2021. 

Belgian business newspaper L'Echo reports an extended contract was signed off with Liberty last week, sealing the immediate future of the race.

The current contract is due to run out after this year's race, which will take place on August 26 following F1's summer break. The German and Japanese grands prix contracts are also set to expire following the respective 2018 events. 

"It's a good deal which ensures that the region of Wallonia retains an event which contributes to the promotion the region on the world stage," Wallonia's vice president and economy minister, Pierre-Yves Jeholet told L'Echo.

"It's also a new era because it's the first time we're negotiating with the directors of Liberty Media. The proceeds for the Wallonian economy were 20.5 million Euros in 2017, an increase of 21 percent from 2016."

Liberty has made it clear it wants to retain a number of classic European races on the F1 calendar despite its push for new events in the US and Asia - including a planned addition in Miami as early as next year.

The Circuit de Spa-Francorchamps has hosted 73 races and remains a firm favourite among both fans and drivers.