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Canada to sign 'longest' deal yet

2013-06-18 08:21

LONG-TERM DEAL FOR CANADA GP: The Canadian GP, held at the Gilles Villeneuve Circuit, could be set for a ten-year deal in Formula 1. Image: AFP

ALAN BALDWIN

MONTREAL, Canada - The organisers of the annual Canadian Formula 1 GP are discussing a ten-year contract extension.

The sport is seeking long-term deals with key races such as that in Canada ahead of a possible stock-exchange flotation of the series.

Francois Dumontier, the event's promoter, told Espn.co.uk that an extension to 2024 was on the table, the longest agreement yet proposed for Canada, with previous deals being for five years "with options".

BOLD RED SHD

"All new agreements being signed are for 10 years," he added, saying that there were several reasons for that. "I believe they want to consolidate the good GPs. Montreal is such a race. We saw as much with the full grandstands for the 2013 race and the comments made by drivers and teams.

"F1 has a project to enter the stock market. Ten-year contracts have a certain value when entering the stock market."

F1 boss Bernie Ecclestone said in April 2013 that the company behind the sport could be floated in Singapore at the end of that year if markets remained benign despite plans to raise R29-billion by listing the business were halted in 2012 amid market turmoil after the flotation of social network Facebook, whose shares plunged immediately afterwards.

Several GP races are nearing the end of their contract, Australia and Barcelona at the end of 2015 and Bahrain at the end of 2016. Singapore signed a five-year extension in 2012.

Austin, the capital of the state of Texas, is the newest race on the F1 calendar and has a 10-year contract. Silverstone, which will host the June 2013 British GP, agreed a 17-year deal in 2009.

Stay with Wheels24 for the 2013 F1 season – fresh reports every day.
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