Canadian GP set to sign eight-year extension

Getty Images, Red Bull Racing

16 April 2014 by TF1T Staff

The Canadian Grand Prix is likely to remain on the calendar until 2022 at its home in Montreal according to the city's mayor, Denis Coderre.

Speaking during a visit to New York, Coderre said the city was closing in on a new contract with Formula One Management to keep F1 for at least another eight years.

The Circuit Gilles Villeneuve's current contract is due to expire after this years June 8th race.

"Sleep tight, it [F1] will be there next year," he said, adding: "We are within weeks of signing [the contract]. We just need to make sure that everything is in place."

Bernie Ecclestone recently demanded the facilities be upgraded due to their age and it seems the organisers have managed to convince the Quebec government to help with the estimated £24 million ($40m) cost of doing so.

Speaking on Monday, 83-year-old Ecclestone said F1 would be happy to return.

"We're in the process of getting things sorted out and I'm sure we'll do that," he told the Montreal Gazette. "We'll be happy to be back there."

The race brings in an estimated £54m ($90m) in direct income for the region according to Tourisme Montreal, with more than 70 per cent coming from outside visitors.