According to Autosport, the deciding factor of the deal was the governments of Canada and Quebec, Montreal and Tourisme Montreal promising an overall £8.5 million in annual investment for the aforementioned circuit, for the upcoming 5 years.
“The return of the Formula 1 to Montreal attests to our sustained efforts and determination. This win-win deal falls in line with the terms we set and the taxpayer's ability to pay and will create stability for the next five years,” said a delighted Tremblay after the deal was official.
“I am very pleased that our metropolis is bringing back this crucial stage in the Formula 1 series for fans from around the world and an outstanding opportunity in terms of the event's international reach,” added the Montreal mayor.
Canada has been a constant presence in Formula One ever since it first set foot in the series (1982), except for the 1987 Canadian Grand Prix, when a local dispute between Labatt and Molson companies compromised the North American race for that season. The race was discontinued in 2009 due to the increasing debts the Canadian circuit had towards F1 supremo Bernie Ecclestone.
The Canadian Grand Prix at Circuit Gilles Villeneuve was again brought to life by its inclusion in the provisional 2010 F1 calendar earlier this season, but still a deal had not been officially reached by the two parties. With the efforts of everyone involved in the negotiations, Canada was finally saved this week.
“All three levels of government have worked together tirelessly over the past few months to bring the grand prix back to Montreal, while acting in a financially responsible manner. With this agreement in hand, I am delighted that our efforts have finally succeeded,” argued Quebec minister of finance and minister responsible for the Montreal region, Raymond Bachand.
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