Montreal's Circuit Gilles Villeneuve "will host the Canadian Grand Prix for at least the next 10 years after signing a new deal" with F1, according to Andrew Benson of the BBC. The track "has a new contract until 2024." As part of the long-term arrangement, organizers will invest $32M in "upgrading the track's facilities." The paddock, "one of the most cramped on the calendar, is to be improved and a new grandstand built" (BBC, 6/7). The CBC reported the deal is worth C$187M ($171M). The Grand Prix will run "with the help of" C$62.4M ($57M) from the federal government, C$62.4M from the Tourisme Montreal, C$49.9M ($46M) from the province and C$12.4M ($11M) from the city of Montreal. In exchange, partners "will split the profits generated from ticket sales" (CBC, 6/7). REUTERS' Steve Keating reported Montreal Mayor Denis Coderre said that the agreement, yet to be signed off by municipal, federal and provincial authorities, "was a formality." It is "one of the most successful sporting events in Canada," pouring an estimated $70M annually into the local economy. Coderre: "You can feel the passion all over the place. It is not just a business deal. This is the place of Gilles Villeneuve, Jacques Villeneuve. It is part of our DNA and everybody feels that. We're not talking about expense, we are talking about investment. We are seeing that it is a window to the world" (REUTERS, 6/7).
