The Canadian Grand Prix will be back on the F1 calendar on 2010 after a 1 year absence through a $15 million annual investment over the next five years.

This investment is paid by the Government of Canada, Tourisme Montréal, the Government of Québec and Montréal.

The Honourable Christian Paradis, Minister of Public Works and Government Services and Minister responsible for the Montreal region said;

“The Conservative government is proud to award such a significant financial contribution to the nation’s foremost recreational tourism event. Through the $25 million in support that we are providing over five years, the FIA Formula One World Championship is coming back to North America here in Montréal. Acting on behalf of our taxpayers has always been one of our prime concerns and this agreement advances that goal. The funding in question will provide direct and tangible leveraging support to our economy. This is an excellent outcome for all concerned.”

Québec Minister of Tourism, Nicole Ménard added;

“The Grand Prix of Canada has more impact on the tourist industry than any other sports event in Canada. Of the 300,000 spectators at the competition, 25% come from outside Québec. With such heavy media coverage, the FIA Formula One World not only provides an outstanding display window for Montréal, but for Québec as a whole. This event alone delivers some $89 million in economic fallout each year, along with 75,000 overnight hotel stays. “I am certainly delighted by this news.”

The Canadian Grand Prix has been held since 1961 and has been at its current location in Montreal since 1978.