MONTREAL — A deal between F1 czar Bernie Ecclestone and government officials will provide $15 million in annual funding for the race – to be held at Circuit Gilles Villeneuve on Ile Notre Dame – over the next five years.
The 2010 F1 race will be held on June 13.
“The return of the Formula One to Montreal attests to our sustained efforts and determination,” Montreal Mayor Gerald Tremblay said in a statement.
Under the deal, Ottawa and Tourisme Montreal will contribute $5 million each year, while Quebec will provide $4 million annually. The City of Montreal will contribute $1 million for each year of the agreement.
The investors will, in return, receive a 30 per cent share from ticket sales, according to a press release.
The race generates an estimated economic spinoff of more than $100 million for the local economy.
“I am very pleased that our metropolis is bringing back this crucial stage in the Formula One series for fans from around the world and an outstanding opportunity in terms of the event’s international reach,” the mayor said.
Last year’s race was cancelled because of a dispute between Ecclestone and Grand Prix F1 du Canada’s Normand Legault.
Ecclestone reportedly said he was owed $12 million by Grand Prix F1 du Canada for the last three races in Montreal, ending with the 2008 event.
A group led by politicians from the federal, provincial and municipal levels of government has spent the past year negotiating the return of the race.
Montreal Gazette
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