The will be held in Rio de Janeiro next year, the country’s president has said.

Sao Paulo’s track has hosted the race since 1990 but President Jair Bolsonaro said that a new circuit would be built in Rio to take over from 2020.

“The construction will take six to seven months,” Bolsonaro said during a military ceremony in Rio.

Bolsonaro said keeping F1 in Sao Paulo, which has a contract that includes next year’s race, was “no longer viable”.

He added: “There was state assistance [from the local government] in Sao Paulo, with a huge debt.”

He said the new track would be built without public money.

Bolsonaro signed a memorandum of understanding for the construction of a new track at the Deodoro military base in the west of Rio de Janeiro.

The area was used as a venue for some events in the 2016 Olympics, including equestrian, field hockey and modern pentathlon.

F1 is known to have been exploring options to secure a long-term future for the sport in , which is one of its most important markets.

is the only South American country to host a grand prix and it has F1’s largest single national television ence.

Rio hosted F1 at the now-defunct Jacarepagua circuit in 1978 and from 1981 to 1989.