F1 set to confirm 2029 Montreal contract (Update)

Montreal government paying $25M per year to support race

UPDATE This rumor is upgraded to 'fact' today. The Canadian Grand Prix will run at Circuit Gilles Villeneuve until at least '29, according to the CANADIAN PRESS.

Montreal Mayor Denis Coderre and representatives of the federal and Quebec governments on Friday pledged C$98.2M ($73M) to a five-year extension of a contract with Formula 1 owner Liberty Media.

The current contract was to expire in '24. The federal government will put in C$36.2M ($26.9M), the province C$28M ($20.8M) and the city C$34M ($25.3M).

Quebec will also put C$18M ($13.4M) toward "improvements to the race venue at Jean Drapeau Parc on two islands near downtown Montreal."

Building new paddocks and garages and improving the condition of the 4.361km track were promised when the current contract was extended but "so far, little has been done."

Coderre said that work will begin after next year's Grand Prix and will be completed in time for the '19 race. CP

06/09/17 (GMM) Montreal's Circuit Gilles Villeneuve has secured its place on the F1 calendar long into the future.

There was already a contract in place until 2025, but La Presse newspaper reports that the deal has now been extended until 2029, at a cost to the local governments of almost $100 million.

"The agreement will be publicly announced this weekend at the grand prix," the newspaper said.

Part of the agreement involves a $48 million pledge to build a new paddock complex ahead of the 2019 race.

Le Journal de Montreal reports that alongside the Canadian officials for the official contract announcement will be F1 chiefs Chase Carey, Ross Brawn and Sean Bratches.