The Canadian Grand Prix in Montreal has been part of the Formula One World Championship since 1967 and in 2005 it was the most watched Formula Grand Prix in the World. It is one of the most exciting sports events in Canada, bringing thousands of spectators every year.

The race takes place at the Circuit Gilles Villeneuve and after the qualifying session in 2014 the organizers announced that they had agreed to a 10-year extension that will keep the Canadian Grand Prix at the Circuit Gilles Villeneuve until the year 2024. This agreement was made between the Montreal tourism board, the city and the government of Quebec and will bring a lot of benefits for the growth and international reputation of the city of Montreal.

An Agreement for A Decade of Formula 1

The track first held the race in 1978 and it has since missed only two years. The new contract will ensure that the race is held at Circuit Gilles Villeneuve until 2024.

As an additional part of the long term arrangement, organizers will invest $32 million in upgrading the track facilities. This will include improving the paddock and building a new grandstand. The long term agreement has resulted after several months of negotiations and the overall agreement is worth $187 million.

The government has agreed to share the $17 million annual payment that will total around $187 over the length of the agreement. The Government of Canada and Tourisme Montreal will be contributing $62.4M each towards to overall investment, while the government of Quebec will be contributing $49.9 million and the City of Montreal $12.4 million. They will be able to recoup their costs partially via ticket sales, sharing minimum revenues of $3.9M per annum from their box office receipts.

The restaurants are happy, the stores are happy, the Montreal nightclubs are happy, and most of all, the Montreal Grand Prix hotels are ecstatic!

Formula 1 Agreement Good News For Montreal

Montreal is a prime location for the Formula 1 race, as the entire city gets into the spirit and parties all weekend long and the fans are very enthusiastic about this racing event. It is one of the few places where such a great festive spirit takes over for the entire duration of the event. During the weekend, Peel and Crescent Streets are closed down for the celebrations.

According to Mayor Denis Coderre, this agreement with Formula 1 is a very positive outcome for Montreal. It is one of the best big international events and it builds the reputation as one of the world’s great cities.

With a number of tourism spinoffs that add up to $75 million and international media coverage, the Formula 1 Grand Prix du Canada is the most important tourism event for Quebec and for the entire country of Canada. The Formula 1 Grand Prix will be a very important promotional tool for selling Montreal as a global tourist destination throughout the world.

And since it’s such a popular event for the city, you’ll want to get your tickets as soon as possible! Be sure to call today about your Montreal Grand Prix tickets and package options to solidify your spot for the greatest event in Montreal.