F1 return to Montreal for 2010 confirmed

Formula One will return to Montreal for at least the next five years, government officials announced Friday.

The Quebec race was removed from the Formula One circuit in October 2008 over a contractual dispute, to the dismay of civic leaders and merchants.

But government officials said they have reached a new agreement with F1 boss Bernie Ecclestone to bring the Grand Prix back to North America.

The agreement includes $15 million in annual contributions from the three levels of government.

"This agreement is a win-win situation for the Quebec taxpayer, and for the Canadian taxpayer," said Quebec Economic Development Minister Raymond Bachand.

The race has an economic impact on the city of about $89 million a year, officials said.

The next race is June 13 at the Gilles-Villeneuve Circuit.