June 7, 2014 11:00 am

Grand Prix gets 10-year extension in Montreal

Watch above: The Canadian Grand Prix will keep its engines running at Circuit Gilles-Villeneuve for another 10 years. Billy Shields reports.

MONTREAL – The Canadian Grand Prix will keep its engines running at Circuit Gilles-Villeneuve for another 10 years.

Montreal mayor Denis Coderre announced that an agreement was reached with Formula One to keep the race going through 2024.

The municipality as well as the federal and provincial governments will contribute a total of $187 million over 10 years to keep the race.

Gallery: Formula 1 teams set up in Montreal

The city has also agreed to spend between 25 milion and 45 million to improve the paddocks, the control tower and other amenities at the track.

WATCH: Summer in the City: Grand Prix Weekend 2014

The announcement was made as the Canadan Grand Prix was being run for the 35th time in Montreal and 45th time overall.

The race is considered the city’s most important tourism draw and contributes an estimated $90 million per year to its economy.

© The Canadian Press, 2014

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