Jun.18 (GMM) Canadian entities can pay greater than earlier than to maintain Formulation 1 in Montreal – and not less than a few of that price will likely be handed to the spectator.
As predicted by Le Journal de Montreal a day earlier, F1 and native race promoters Octane confirmed on Tuesday that they’d efficiently negotiated a contract extension by means of 2035.
The newspaper stated it’s now some of the safe races on F1’s bustling 24-race calendar.
“Miami (2041), Australia (2037), Bahrain (2036), and Madrid (2035) are amongst these with longer contracts,” Le Journal famous.
The newspaper was additionally ready with the monetary particulars of the brand new deal, as Ottawa, Quebec, Tourisme Montreal, and Societe du parc Jean-Drapeau mix to fund the occasion.
The final race within the current contract will likely be run in 2031, costing the promoters $26 million solely within the race payment payable to Liberty Media-owned F1.
“This sum will subsequently rise to roughly $29 million yearly between 2032 and 2035,” Le Journal de Montreal revealed.
“The Montreal stopover will thus attain the typical of the agreements concluded among the many 23 different promoters on the calendar.”
Quebec politician Carlos Leitao justified the price.
“We’re speaking concerning the sustainability of an emblematic occasion,” he stated. “If I placed on my economist hat, the financial advantages are a lot larger than the investments.”
Tourism minister Caroline Proulx defined that in tourism spending alone, the profit is $1 billion. “That’s not nothing,” she stated.
Certainly, EFE information company studies that the federal government of Thailand on Tuesday formally accepted a $1.27 billion bid to host a F1 race on the streets of Bangkok between 2028 and 2032.
As for the additional price of retaining F1 in Canada, it seems that spectators will contribute. Le Journal de Montreal stated costs for 2 explicit grandstands are rising $90 and $140 respectively per ticket from 2026.
