SHANGHAI - Formula One will return to Shanghai next season and the race will continue on a rolling contract for the foreseeable future, the sport's commercial supremo Bernie Ecclestone said on Friday.

An initial seven-year deal was scheduled to end after Sunday's Chinese Grand Prix and Shanghai sports officials had said the city might not take up the option for another five years because of the huge losses the race makes.

"We've talked to them all the time about everything, we're happy with everything, no dramas," Ecclestone told reporters in Shanghai.