Spa future secure after Shell naming deal

The immediate future of the Belgian grand prix seemed secure on Thursday.

It was announced that Shell, the Dutch global oil giant and Ferrari sponsor, has inked a "multi-year" deal to be the title sponsor of the popular Spa-Francorchamps race.

The historic event in the Belgian Ardennes was said to have been endangered for financial reasons.

"The formula one Shell Belgian grand prix is a cornerstone of the world championship calendar," said Shell Retail executive vice president John Bullock.

Shell also recently renewed its long-standing partnership with Ferrari until 2015.

"Shell was amongst the first to recognise Formula 1 as a powerful platform which has been successful for Shell for 60 years," said Bernie Ecclestone. "By becoming the title sponsor of the 2011 Formula 1 Shell Belgian Grand Prix, Shell continues to prove its commitment to the sport and play a key role in its enduring success. We recognise the valuable contribution made by Shell over many years and are delighted to provide an environment for this global brand to develop its commercial products."