Montreal is geared up for a new 10-year formula one deal for the Canadian Grand Prix. F1 boss Bernie Ecclestone has been in talks with race organisers about extending the contract that is going to end next year.
Montreal promoter Francois Dumontier said, "Ten years allows us to think long term, to think about improvements to the circuit."
"We are presently discussing an extension from 2015 to 2024, so ten years," Dumontier said. That is the longest agreement that has ever been proposed to us. We had five years with options before," Dumontier said.
"All new agreements now being signed are for ten years. Ten years allows us to think long term, to think about improvements that can be brought to the circuit, about investments, etc. We are happy to work in this regard," he said.
On being asked why he thinks Formula One was starting to look more towards ten-year deals, Dumontier said, "There are several reasons, but I believe they want to consolidate the good grands prix. Montreal is such a race, undoubtedly. We saw as much [at last week's race] with the full grandstands and the comments made by the drivers and teams".
"F1 has a project to enter the stock market. Ten-year contacts have a certain value when entering the stock market," he added.