F1 boss Ecclestone agrees 10-year contract extension for Monaco Grand Prix

Monaco Grand Prix organizers have agreed a deal to stage Formula One racing in the principality for 10 more years.

The official F1 website announced that an agreement was reached Wednesday in London between F1 commercial boss Bernie Ecclestone and Monaco Automobile Club president Michel Boeri.

Ecclestone had claimed earlier this month that F1 could "do without Monaco," complaining that the Mediterranean principality didn't pay enough to stage the race.

The 68th Monaco GP was won by Red Bull driver Mark Webber in May. The next race will be May 29, 2011.