F1: Price For Canadian GP Return Plummets

Formula 1

F1: Price For Canadian GP Return Plummets

The price tag for bringing Formula One back to Canada has plummeted by $100 million for a new five-year deal, according to local reports...

SPEED Staff / GMM | Posted August 13, 2009 GMM Newswire

Last year, negotiations with the Montreal race organizers ended when Bernie Ecclestone’s demands for a $175 million five-year agreement were turned down. (Photo:LAT Photographic)

The price tag for bringing Formula One back to Canada has plummeted by $100 million for a new five-year deal, according to local reports.

Last year, negotiations with the Montreal race organizers ended when Bernie Ecclestone's demands for a $175 million 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 local Globe and Mail newspaper said the proposed new deal is for just $75 million 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.

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