This is an update to How Much Will Canada Pay To Save The Montreal GP
Formula One supremo Bernie Ecclestone met Thursday with officials in talks about possibly reinstating the Canadian Grand Prix, already dropped from F1’s planned 2009 programme.
Ecclestone spoke with Canadian international trade minister Michael Fortier, Montreal mayor Gerald Tremblay and Quebec provincial economic development minister Raymond Bachand.
“We had a very good meeting with (F1 boss) Bernie Ecclestone and I think the signs were encouraging and it is possible we will hold a Grand Prix in Montreal in 2009 and subsequent years,” Tremblay said.
“We have a better understanding of the issues and the challenges we are facing.”
Fortier said finding a promoter was one of the primary issues in ensuring a Canadian GP in 2009.
None of the three politicians wanted to specify how much money needs to be put up to ensure the race goes ahead, although Bachand said a number of businesses have expressed interest in helping support a 2009 Canadian GP.
According to some sources, a promoter would need to spend up to $30 million a year over five years to keep the F1 in Montreal. The race generates $15 million in net revenue annually, so governments and business would have to make up the $15 million shortfall.
“We must come up with a responsible financial project that makes sense to Mr. Ecclestone and to Montrealers,” said Bachand.
“Many people have offered to help but they are all part of the elements we would need to evaluate in the coming days to determine if the Grand Prix will survive and who will be the promoter and organizer,” Fortier said.
Bachand admits that the ball is now in Montreal’s court.
“We still have to sit down for more discussions.”
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