Return of the Canadian Grand Prix: Major victory for Montréal

The governments of Canada and Québec, Montréal and Tourisme Montréal are proud to announce that the Grand Prix du Canada will return to Montréal on June 13 through a $15 million annual investment over the next five years.

The Government of Canada and Tourisme Montréal will each contribute $5 million of this amount. The Government of Québec will provide $4 million and Montréal will add $1 million. Montréal and its partners will in return receive 30% shares from ticket sales.

“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 MontrĂ©al. 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,” said the Honourable Christian Paradis, Minister of Public Works and Government Services and Minister responsible for the Montreal region.

“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 QuĂ©bec. With such heavy media coverage, the FIA Formula One World not only provides an outstanding display window for MontrĂ©al, but for QuĂ©bec 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,” said QuĂ©bec Minister of Tourism, Nicole MĂ©nard.

“For QuĂ©bec, this event by itself results in annual tax revenues of more than $10 million, for a $4 million investment, minus revenues from ticket sales. All three levels of government have worked together tirelessly over the past few months to bring the Grand Prix back to MontrĂ©al, while acting in a financially responsible manner. With this agreement in hand, I am delighted that our efforts have finally succeeded,” said QuĂ©bec Minister of Finance and Minister responsible for the MontrĂ©al Region Raymond Bachand.

“The return of the Formula One to MontrĂ©al attests to our sustained efforts and determination. 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 One series for fans from around the world and an outstanding opportunity in terms of the event’s international reach,” said MontrĂ©al Mayor GĂ©rald Tremblay.

“In view of the substantial trickle-down effects that the F1 will generate for members of our association, Tourisme MontrĂ©al is pleased to assist in the return of Canada’s biggest tourism event. International coverage of the Grand Prix also puts MontrĂ©al in the spotlight and promotes our city as a tourist destination,” said Charles Lapointe, President and Chief Executive Officer of Tourisme MontrĂ©al.

Return of the Canadian Grand Prix: Major victory for Montréal

The Board of Trade of Metropolitan Montreal is delighted about the announcement of the return of the Canadian Grand Prix to next season’s official Formula 1 calendar. It also welcomes the adoption of an economically responsible business model for hosting this exclusive event.

“The Canadian Grand Prix is a prestigious, popular event that generates considerable economic benefits and provides the city incredible international exposure. The Grand Prix offers strategic visibility that positions MontrĂ©al as a dynamic, festive and energetic city. By attracting over 300,000 spectators and hundreds of millions of television viewers, this major event is a tremendous calling card for MontrĂ©al,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal.

The Board of Trade salutes the governments, institutions and business people who mobilized and put their energy into repatriating the Grand Prix to MontrĂ©al. “The return of the Grand Prix is the result of incredible efforts in dialogue and negotiations, both in public and behind the scenes. This is why we congratulate the federal and provincial governments, the Ville de MontrĂ©al, Tourisme MontrĂ©al and Michael Fortier. This success is testimony to the commitment, leadership and relentless work of a number of people. It will be a source of inspiration in future challenges the city may face,” added Mr. Leblanc.

“All signs point to MontrĂ©al having the Grand Prix return in extremely favourable financial conditions in the world of F1. This can be seen as recognition of the MontrĂ©al race as one of the best organized and most popular of the F1. In many respects, this is the result of the effort and know-how that is part of Normand Legault’s legacy,” concluded Mr. Leblanc.

The Board of Trade of Metropolitan Montreal has some 7,000 members. Its primary mission is to represent the interests of the business community of Greater MontrĂ©al and to provide individuals, merchants, and local businesses of all sizes with a variety of specialized services to help them achieve their full potential in terms of innovation, productivity and competitiveness. The Board of Trade is Quebec’s leading private economic development organization.

source: Société du parc Jean-Drapeau F-1 / Board of Trade of Metropolitan Montreal