The Canadian Grand Prix will return to the Formula One schedule starting from next season, after it was confirmed that a new five-year deal had finally been signed to bring the Montreal event back onto the calendar thanks to government funding of the event.
The race at the Circuit Gilles Villeneuve in Montreal was missing from the 2009 calendar, meaning that Formula One's World Championship did not feature a single race in North America, making it almost as much of a misnomer as the World Series.
But Montreal representatives confirmed that a deal had been signed to return the race to the calendar in a press conference on Friday.
The new deal was possible after the organisers secured £8.5 million of investment from the Canadian government and the local Quebec authorities, which will help to pay for the race for the next five years. The government will, in return, receive a share of the profits from ticket sales.
Gerald Tremblay, the brilliantly-named mayor of Montreal, said that the new deal was a "win-win" situation.
"The return of the Formula 1 to Montreal attests to our sustained efforts and determination," he bragged.
"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.
"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."
Meanwhile, the Quebec finance minister, Raymond Bachand, defended the use of government money to bring the race back to the circuit, saying that the money made by the race means that the local economy will receive a big boost.
"For Quebec, this event by itself results in annual tax revenues of more than $10 million (£5.5 million), for a $4 million (£2.2 million) investment, minus revenues from ticket sales," Bachand claimed.
"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."
The race is scheduled to take place on June 13th next year, having last taken place in 2008, when the race was won by Robert Kubica for BMW.
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