The Canadian Grand Prix will run at Circuit Gilles Villeneuve at least until 2029.
Mayor Denis Coderre and representatives of the federal and Quebec governments on Friday pledged $98.2 million to a five-year extension of a contract with Formula One owners Liberty Media.
The current contract was to expire in 2024.
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The federal government will put in $36.2 million, the province $28 million and the city $34 million.
Quebec will also put $18 million toward improvements to the race venue at Parc Jean Drapeau on two islands near downtown Montreal.
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Building new paddocks and garages and improving the condition of the 4.361-kilometre track were promised when the current contract was extended but so far, little has been done.
Coderre said work will begin after next year’s Grand Prix and will be completed in time for the 2019 race.
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