Canadian Grand Prix Extends F1 Contract, Ensuring Races Through 2035

The Canadian Grand Prix will remain on the Formula One calendar until at least the year 2035. This was announced following a four-year contract extension agreed upon by Octane Racing Group, the Canadian GP promoter, and various government officials. The previous agreement was set to expire in 2031.

The extension is seen as positive news, particularly for Montreal's tourism and festival seasons. The Mayor of Montreal highlighted the importance of the Grand Prix in starting the city's tourist season. The announcement was made at a press conference on Île Notre-Dame, the location of the race track.

The contract involves a financial commitment of $117 million over four years from various levels of government. The federal government, the province, and the Société du parc Jean-Drapeau will contribute to the funding, along with Tourisme Montreal.

The Grand Prix weekend generates significant economic benefits for Montreal. This year's event drew a large number of spectators over three days. Officials emphasized that the economic returns far outweigh the government's investments. Projections estimate nearly $1 billion in tourist spending over the extension's four years, adjusted for inflation.

The extension comes after a successful Grand Prix weekend, which was a welcome development after issues that arose during the previous year's event. Organizers implemented several upgrades for this year's race, including improvements to hospitality areas and access points.

The Minister of Tourism expressed pride in the improvements made and highlighted positive feedback from Formula One officials. The Formula One CEO also expressed his delight at the extension and acknowledged the efforts to modernize the venue.

Next year's Canadian Grand Prix is scheduled for May 24, shifting from its traditional June slot. This change aims to reduce travel and environmental impact. The race will now follow the Miami Grand Prix.

The Canadian Grand Prix has a long history, joining Formula One in 1967. The event moved to Montreal in 1978, and the track was later renamed in honor of Gilles Villeneuve. The race gained importance as the only North American stop on the F1 calendar for a period. The event is seen as a significant opportunity to showcase Montreal and Canada to a global audience.