Canadian officials have put their money together to bring back the the Grand Prix du Canada to Montréal on June 13 2010! 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. This actually proves the financial importance of the Formula 1, as a main tourist attraction for every region. It is said that during an F1 event, the host city earns around $70 million!

Press Release:

“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,” 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 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,” said Québec Minister of Tourism, Nicole Ménard.

“For Québec, 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 Montréal, while acting in a financially responsible manner. With this agreement in hand, I am delighted that our efforts have finally succeeded,” said Québec Minister of Finance and Minister responsible for the Montréal Region Raymond Bachand.

“The return of the Formula One to Montréal 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 Montréal Mayor Gérald Tremblay.

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

picture: tsn.ca