Canadian GP In Talks With F1 About 10-Year Extension For Montreal Race Until '24
Canadian F1 Grand Prix promoter Francois Dumontier said that "the race is negotiating a new ten-year contract extension," according to ESPN. The Montreal race's "agreement ends next year," yet talks between F1 Management -- led by CEO Bernie Ecclestone -- and the different levels of government "began some time ago." A new contract "may be signed in the following weeks," and if all goes to plan Dumontier said that there will be no need to sit at the negotiating table for many years afterwards. Dumontier said, "We are presently discussing an extension from 2015 to 2024, so 10 years." When asked why he thinks F1 was starting to look more toward 10-year deals, Dumontier "hinted the upcoming planned flotation on the Singapore Stock Exchange could be one factor." He said, "There are several reasons, but I believe they want to consolidate the good grands prix. Montreal is such a race, undoubtedly. We saw as much [at last week's race] with the full grandstands and the comments made by the drivers and teams. F1 has a project to enter the stock market. Ten-year contacts have a certain value when entering the stock market" (ESPN, 6/16).