Canada secures its Grand Prix

If Canada was already included in the calendar for the next season, the Gilles-Villeneuve circuit should see a financial agreement be found to be frequented again by the grid of Formula 1. It is now done, the mayor of Montreal, Gérald Tremblay, having announced that the financial future of the race was guaranteed. The agreement provides for the payment, over a period of five years, of 75 million dollars to the FOM (Formula One Management) for the organization of the Grand Prix until 2014, or 15 million per season.

« This is a very good agreement, declared Quebec Minister of Finance, Raymond Bachand, to La Presse (Montreal). Collectively, governments are guaranteed tax revenues of 18 million, for a maximum annual investment of 9 million, from which we can deduct our 30% share of ticketing revenue. »

In fact, 9 million will come from governments, 5 million from Ottawa, 4 million from Quebec. The city of Montreal will add one million dollars, and Tourisme Montréal will contribute the last five million thanks to the implementation of a special tax on nights in the city's hotels.

« Bernie Ecclestone wanted to bring back the Grand Prix, but the negotiations took a long time because we were cautious, explained Mayor Gérald Tremblay to La Presse. We had two priorities: having a world-class event and respecting taxpayers' ability to pay. »

« This agreement is good for everyone, continues the mayor of Montreal. We assume no risk, since it is Ecclestone and his local partner François Dumontier who organize the event. In addition, we are bringing back to Montreal the most important tourist event of the year in Canada, an event that generates spinoffs of nearly 90 million. » See you from June 11 to 13, 2010 for the next Canadian Grand Prix.