CANBERRA, Aug. 3 (Xinhua) -- The season-opening Australian Grand Prix will remain in the Formula One calendar next year, race organizers confirmed on Monday.

    Australian race organizers signed a new Concorde Agreement with the motor racing's world governing body FIA last Friday which will keep the race in the schedule until 2012.

    Only last month Australian Formula One race chief Ron Walker said the race was likely to be scrapped if leading teams formed a breakaway series in 2010.

    The Australian Grand Prix Corporation said the agreement would bring stability to the fractious sport.

    "The Australian Grand Prix Corporation is pleased with the announcement of the finalization of the new agreement between the FIA and FOTA," it said in a statement.

    "The agreement brings stability to the sport of Formula One and ensures the best teams will be participating in the championship for years to come and will all be at Albert Park in March next year."