F1: Cut-price deal for rescued Canadian Grand Prix

From GMM

According to local reports, the price tag for taking formula one back to Canada has plummeted by $100m for a new five year deal.

Last year, negotiations with the Montreal race organisers ended when Bernie Ecclestone's demands for a $175m five-year agreement were turned down.

Now, after the F1 chief executive said talks are back on track to restore the Circuit Gilles Villeneuve round for 2010, the Globe and Mail newspaper said the proposed new deal is for just $75m for five years.

The newspaper said Ecclestone's hand was forced due to the economic recession and teams' "desire to return to North America".

The Globe and Mail also said the 78-year-old was pressured by his bosses at CVC, the majority owners of F1's commercial rights, to keep carmakers including Renault and Toyota happy and committed to the sport.

"It seems CVC decided to appease them with a quick return to North America," said the report.

French language newspaper La Presse of Montreal earlier reported that minor details and funding are now the only obstacles to reviving the Circuit Gilles Villeneuve event ahead of the 2010 season, after it was conspicuously absent from this season's schedule.

Responding to the reports, mayor Gerald Tremblay told Canadian media that a tentative deal with Bernie Ecclestone, who also hinted at the arrangement in recent interviews, has been reached.

The reports said a date for the race has not been set, but a provisional 2010 calendar is expected to be published within weeks.





Photo Credit : Force India