New Canada GP contract to be announced (Update)

UPDATE This rumor is upgraded to 'fact' today. The future of the Canadian Grand Prix is secure for the next ten years after officials announced a new deal in Montreal this weekend. The new contract will see the race remain on the calendar until 2024 and will coincide with $32 million worth of investment in the paddock and control tower facilities at the circuit. This year's race was the last on the current contract, but circuit bosses and local government officials announced the extension of the deal following final practice on Saturday. Montreal hosted its first Canadian Grand Prix in 1978 and has been done every year since with the exceptions of 1987 and 2009.

06/06/14 (GMM) Canada looks set to hold on to its popular place on the annual F1 schedule.

Montreal race promoter Francois Dumontier has sounded alarmed in recent weeks and months, as the backing of the event by the varying levels of Canadian government was holding up the signing of a new ten-year contract beyond 2014.

But La Presse, the French-language Quebec newspaper, said formula one will continue at the Circuit Gilles Villeneuve until 2024, "barring a catastrophe".

"An announcement should be made tomorrow (Friday) at noon at the scene of the race," said correspondent Sebastian Templar, "ending negotiations that started almost two and half years ago."

Templar quoted a spokesperson for Quebec's tourism minister as hinting there "could be good news soon" regarding the Canadian grand prix.

And Radio Canada is also expecting the announcement to be made during a press conference on Friday.

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