Following earlier rumours, Monteal daily La Presse recently reported that the Canadian Grand Prix could very well return to the F1 calendar next season with a new five to seven-year deal.
The municipal, provincial and federal levels of government will be partners with the Bernie
Ecclestone-led FOM in the endeavour. Nearly a third of the revenue generated by ticket sales and advertising will return to the government, while the F1 CEO takes charge of promoting the race with local support.
Financial guarantees are in place, however La Presse also reported that assurances were given by Ecclestone that the agreement can be cancelled if the standards of Formula One are not maintained. Such a clause emanates directly from the Formula One Teams Association's former breakaway threat, which would have taken F1's great names away from the series and into a new FOTA-founded championship.
Carmakers involved in the sport insisted on a return to Canada and the North American market while negotiating the recently renewed Concorde Agreements which guide the sporting and commercial aspects of Formula One.
Although a formal deal has yet to be announced, Ecclestone recently promised that Canada will appear on the 2010 Formula One calendar.
Referring to the city's partnership with the provincial and federal levels of government, Montreal Mayor Gerald Tremblay said last week "presently we are trying to finalise this agreement" with Formula One Management.
Speaking with ESPN Racing-Live.com, Montreal Mayor Cabinet press officer Martin Tremblay confirmed that he felt optimistic regarding the chances that F1 will roar again on the tarmac of the Circuit Gilles-Jacques Villeneuve
, but remained cautious by pointing out that "nothing is sure until it is signed."
Tremblay also mentioned that Ecclestone resumed contact with Montreal knowing that the basis of the financial offer from the federal-provincial-municipal partnership put on the table last year had not changed: "We have the same principles" regarding the taxpayer's ability to subsidize the event every year.
It is expected that a Canadian Grand Prix revival announcement could be made within the next few weeks.