Formula 1 chief executive Stefano Domenicali has signed a new five-year contract to the end of 2029.

The Italian, a former Ferrari team principal and Lamborghini chief executive, has held the role since 2021.

The deal was announced just days before the season-opening Australian Grand Prix in Melbourne.

“Stefano has been instrumental in driving the business to new levels of success and becoming the global sport it is today,” read an F1 statement.

Domenicali said: “I am honoured to continue to lead this incredible sport, which I love and has been part of my life since my childhood.

“Together, with all the relevant F1 stakeholders, we will continue to serve the best interest of our fans, as they are the heartbeat of everything we do.

“The passion, the energy and the adrenaline are the fuel that powers me every day to give my absolute best to Formula 1.”

Domenicali spent six years at Ferrari between 2008 and 2014 and is the last team principal under whom the team won a world title – the constructors’ championship in 2008.

He joined Lamborghini in 2016 before succeeding American Chase Carey as head of Formula 1 five years later.