MONTREAL, June 7, 2014 /CNW Telbec/ - 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.
"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
"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
A reminder that the FORMULA 1 GRAND PRIX DU CANADA 2014 is taking place
this weekend at the Circuit Gilles-Villeneuve.
The F1 FORMULA 1 logo, F1 logo, F1 FIA FORMULA 1 WORLD CHAMPIONSHIP
logo, FORMULA 1, FORMULA ONE, F1, FIA FORMULA ONE WORLD CHAMPIONSHIP,
GRAND PRIX and related marks are trade marks of Formula One Licensing
BV, a Formula One group company. All rights reserved.
SOURCE: Ville de Montréal - Cabinet du maire et du comité exécutif
For further information:
Office of the Honourable Denis Lebel
Canada Economic Development
Canada Economic Development
Office of the Minister of Transport and Minister of Montreal region
Téléphone : 418-643-6980
Director of Communications
Mayor's Office and Executive Committee
Ville de Montréal
Manager - Corporate Public Relations
National Press Officer
Formula 1 Grand Prix du Canada