SYDNEY, July 19 (Xinhua) -- The Australian city of Melbourne will host the Formula 1 Grand Prix until at least 2025, officials revealed on Friday, marking a two-year extension for racing at the city's iconic Albert Park circuit.

Albert Park has held the Grand Prix season-opener since 1996 -- with the exception of 2006 and 2010 -- and this year's event attracted 324,000 fans across four days and broadcast to an estimated 80 million people worldwide, including key markets in Asia.

"The decision to extend the current relationship for a further two years stems from the fact this event has proved to be a resounding success for the capital of Victoria, for Australia and indeed around the world, proving immensely popular with fans and those who work in Formula 1," Formula 1 chairman and chief executive Chase Carey said.

Following the success of local driver Daniel Ricciardo, the sport has enjoyed a resurgence in popularity in Australia, helping to ease concerns regarding the event's significant price tag.

"The Formula 1 Australian Grand Prix has contributed significantly to Melbourne's standing as a global sporting and major events capital and is a key pillar of Australia's international sporting calendar," Victorian minister for tourism, sport and major events Martin Pakula said.

Melbourne will once again kick off the racing season in 2020 with race day confirmed for Sunday, March 15.