Canada aims for a new 10-year contract with F1

François Dumontier, promoter of the Canadian Grand Prix, stated that the Canadian race was in discussions with Bernie Ecclestone, the head of commercial rights, to extend the contract linking the Gilles Villeneuve circuit to the Formula 1 World Championship.

Dumontier told espn.co.uk that discussions were underway to extend the Canadian Grand Prix contract, which ends in late 2014: « We are currently in discussions for an extension from 2015 to 2024, so ten years. It’s the longest deal we’ve ever been offered. We previously had five years with options. »

This extension of 10 additional seasons would allow the circuit to renovate and would be logical as it is the trend emerging in F1 according to François Dumontier: « All recently signed contracts are for 10 years… Ten years allows us to think in the long term, to consider improvements that can be made to the circuit, investments, etc. We are happy to work with this perspective. »

Dumontier believes that these 10-year contracts are offered as a reward for good races and are also related to F1’s intention to go public, which allows it to set a good valuation: « There are several reasons, but I think they want to consolidate the good Grand Prix. Montreal is indeed part of that, without a doubt. We have seen it with full stands and the comments from drivers and teams. F1 has plans to be listed on the stock exchange. The 10-year contracts have a certain value in the event of going public. »

Montreal is not the only Grand Prix whose contract is coming to an end; the same is true for Australia and Spain, whose contracts will expire in 2015, while Bahrain’s will end in 2016 and Singapore’s in 2017.

On the side of the better off, there is Austin, which signed a 10-year contract expiring in 2021, the New Jersey that claims to have a 15-year contract, or Silverstone, which signed a 17-year contract in 2009.