Race organizers of the Monaco Grand Prix erased any doubts that the historic event could leave the Formula 1 calendar on Wednesday, signing a new 10-year deal to continue racing through the streets of Monte Carlo. The deal ensures that the Monaco Grand Prix will be part of the Formula 1 rotation until at least 2020.

Earlier this year, Formula 1 chief Bernie Ecclestone had piqued speculation by telling reporters that Formula 1 could survive without the Monaco Grand Prix, which dates back to 1929. “We can do without Monaco,” Ecclestone said at the time. “They don’t pay enough.” The Monaco Grand Prix is currently the only race on the schedule which doesn’t pay a sanctioning fee to the Formula One Management Group.

However, a meeting with Automobile Club de Monaco president Michel Boeri in London earlier this week convinced Ecclestone that continuing the Monaco Grand Prix was important. The 2011 edition of the race will be held on May 29.