MONTREAL -- A tentative deal has been reached to keep the Canadian Grand Prix in Montreal until at least 2024, QMI Agency has learned.
The federal, provincial and municipal governments, along with Tourism Montreal, will pay a total of $15 million a year to Formula One organizers, in order to keep Montreal on the Grand Prix circuit.
The federal government was initially hesitant to become a financial partner, which is what led to fears that Montreal would be dropped entirely as an F1 host.
Quebec tourism minister Pascal Berube participated Thursday in negotiations with F1 head Bernie Ecclestone, and allegedly brokered the deal.
Berube confirmed Friday that there were no obstacles in the way for an official deal to be signed which would extend the Grand Prix in Montreal after 2014.
“Everyone has their constraints and has to respect the ability for citizens to pay,” Berube said. “In general, there is a common desire, and Formula One Management wants to keep the race in Montreal.”