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Jun 07, 2014 - 04:03 PM
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Montreal To Host Formula 1 Grand Prix Du Canada For Next 10 Years
Posted by: ASkyler on Jun 07, 2014 - 04:00 PM
Formula 1 News
Montreal To Host Formula 1 Grand Prix Du Canada For Next 10 Years


The governments of Canada and Quebec, the City of Montréal, and Tourisme Montréal have announced an agreement in principle that will ensure that Montréal will host the Formula 1 Grand Prix du Canada™ into 2024, thanks to an investment of $17M in 2015 that is to be indexed at 2% over the next 10 years, for a total of $187M.

For the duration of the agreement, the Government of Canada and Tourisme Montréal will each be contributing $62.4M toward the overall investment, while the Government of Quebec will be contributing $49.9M and the City of Montréal, $12.4M. In return, the partners will share minimum revenues of $3.9M per annum from box office receipts.

In addition, the City of Montréal will be contributing to the renovation of the Formula 1® infrastructure at the Circuit Gilles-Villeneuve, at an estimated cost of $30M. In view of those investments by the City of Montréal, the partners have agreed that Montréal will draw a larger portion of the box office receipts than under the previous agreement.

 

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"The creation of jobs and the economy are priorities of our government. That is why we are supporting the Formula 1 Grand Prix du Canada, which each year provides unparalleled visibility for the City of Montréal, the province of Quebec and Canada as a whole. The economic spinoffs from the Formula 1 Grand Prix du Canada are estimated at over $70M and the event contributes to the creation or maintenance of nearly 1,400 full-time jobs in the tourism industry. We are pleased that this important economic driver for the Canadian economy is now guaranteed for the next decade," stated the Honourable Denis Lebel, Minister of Infrastructure, Communities and Intergovernmental Affairs and Minister of the Economic Development Agency of Canada for the Regions of Quebec.

"The fact that the Formula 1 Grand Prix du Canada is assured for the next 10 years is great news for the greater Montréal area, for Quebec as a whole, and for Canada. This event enhances Montréal's status as a major tourist draw. The resulting international recognition and economic spinoffs will be significant. When Montréal shines, all of Quebec shines with it," stated Robert Poëti, Minister of Transport and Minister responsible for the Montréal region.

"This long-term agreement is the culmination of several months of negotiations and I commend all our partners, who demonstrated a great deal of determination and a desire to succeed. Formula 1 is one of Montréal's defining emblems. Apart from its economic benefits, the Formula 1 Grand Prix du Canada raises our visibility throughout the world and lends us prestige as a major international metropolis," indicated Denis Coderre, Mayor of Montréal.

"We are very pleased about the agreement announced this morning, which will ensure that Montréal continues to hold the Formula 1 Grand Prix du Canada for the next 10 years. With tourism spinoffs of $75 million and unparalleled international media coverage, the Formula 1 Grand Prix du Canada is the most important tourism event for Quebec and likely even for Canada," stated Yves Lalumière, President and CEO of Tourisme Montréal. "Thanks to its international reach, the Formula 1 Grand Prix du Canada is an outstanding promotional tool for selling Montréal as a global tourist destination."

"We are very pleased to be returning to Montréal. The Formula 1 tradition is entrenched here, as is the enthusiasm of the racing fans. The municipal government was very understanding about the renovations needed to the Montréal facilities and we were able to find a middle ground," stated Bernie Ecclestone, CEO of the Formula One group of companies.

"I am delighted with the agreement reached between the commercial rights holder, Formula One World Championship Limited (FOWC) and the governments of Canada and Quebec, the City of Montréal, and Tourisme Montréal," stated François Dumontier, who, as President and CEO of Octane Racing Group Inc., promoter of the Formula 1 Grand Prix du Canada, has entered into a separate agreement with FOWC. "I am also satisfied with the lease that our group was able to arrive at with the City of Montréal and I would like to thank Mayor Denis Coderre for his cooperation."

A reminder that the FORMULA 1 GRAND PRIX DU CANADA 2014 is taking place this weekend at the Circuit Gilles-Villeneuve.


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