Formula 1 will have a record 22-race calendar in 2020 after the Spanish Grand Prix was confirmed on Tuesday.

The Barcelona round was considered highly doubtful earlier this year as organisers struggled to find the necessary funding for a new deal.

However, with next year set to mark the 50th running of the Spanish GP and the 30th event in Catalonia, a one-year extension has been signed.

“We are pleased to confirm that the Spanish Grand Prix will be on the calendar of the 2020 FIA Formula 1 world championship," CEO Chase Carey commented.

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"The decision to continue to stage a round of the pinnacle of motorsport in Spain, a country with a great motor racing tradition, dating back to the start of the last century, is part of our strategy of maintaining Formula 1’s European roots, while also currently expanding the championship into new territories.

"The promoter’s willingness to be part of Formula 1 going into 2020 is proof of the sports ability to act as a catalyst for regions to hold world-class events and also to have a positive impact on the area's economy.

"In the coming months, we will continue our discussions to see if we can further extend this advantageous relationship. In the meantime, I would like to thank Quim Torra, the Catalan president, for his vital support in these negotiations, in the hope of celebrating a fantastic 50th Spanish Grand Prix in 2020, the 30th to be held at one of the most technically demanding circuits on the calendar.”

Not only has Barcelona been the host city for F1 since 1991, but the Circuit de Barcelona-Catalunya has become the go-to venue for pre-season testing, something that is expected to continue in 2020.

Catalonia's history in the sport also dates back to well before the current track was built, including the first Spanish GP location at Pedralbes and the notorious Montjuic street circuit.

“Catalonia will be, for the 30th time in a row, host to a Formula 1 Grand Prix," President Torra stated.

"Catalonia is a country with avery long tradition in motorsports and therefore, we are pleased to have strengthened continue our position as a classic event in the calendar for fans all around the world.

"Throughout the 30 years, we have integrated this event in the industrial policies of the government, and the Formula 1 Grand Prix at Circuit de Barcelona-Catalunya is an important tool to stimulate the economic activity in the country in terms of tourism, as well as in the automobile and entertainment industry.

"Moreover, it gives us the opportunity to show the world the way Catalans are, how we work and what our country is like. For all of these reasons, we welcome the continuity of Formula 1 in our home country.

"We are grateful for the excellent relationship with Chase Carey, Formula 1 Chairman and CEO, and we are well aware that our current challenge is to make sure that the Circuit de Barcelona-Catalunya keeps up maintains this role, both as an economic driver and as a link to our sports and industrial tradition."