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Old 5 Mar 2013, 01:36 (Ref:3214312)   #1
BobHWS
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BobHWS should be qualifying in the top 5 on the gridBobHWS should be qualifying in the top 5 on the grid
Montreal GP future: Bernie demands $40M in renovations & a fee increase

Ten days ago there was an article in the Montreal French language daily, La Presse, about the future of the Montreal Grand Prix. Below is my translation of the article.

The Montreal race currently has a contract good through the 2014 race. News reports indicate that Montreal's sanction fee is only $15M per year, which is very reasonable compared to the fees paid by places like Singapore and Bahrain (maybe $40M+). It is reasonable even when compared to Austin (about $28M) and Melbourne (about $35M).

The Montreal sanction fee is funded jointly by the Canadian government, the Quebec provincial government, the city of Montreal and the Montreal Tourism board. These governmental bodies would have to be the source of the $40M now needed to upgrade Montreal's infrastructure. The promoter does not make enough money from the race to make such an investment.

The article indicates that there is optimism that the authorities will come through with the money. There is fairly broad public and business support for the race and the subsidy for the sanction fee. But will the public support a $40M investment in the track plus some increase in the sanction fee? On verra.

Another bill for the Grand Prix of Canada
La Pressse
Sebastien Templier
21 February 2013

The renovations that would allow the Circuit Gilles Villeneuve to keep the Montreal F1 race beyond 2014 would cost more than was initially anticipated, forcing a reevaluation of the project. As a consequence, there has been no definitive agreement signed with Bernie Ecclestone to extend the contract for the race.

According to what La Presse has learned from a source very close to the negotiations, the total bill for the renovations, estimated to be CDN $25 million at the end of last year, will be higher, based on an initial estimate requested by the government. The new estimate is approximately CDN $40 million, which is a matter of “concern.”

The new estimate has necessitated a reevaluation of the costs and a request for new estimates. Each of the government bodies involved in the renovation project obviously wants to have precise estimates of the real costs of the infrastructure renovation project before agreeing on how to share costs and responsibilities and before signing anything.

The upgrading of the facilities at the Circuit Gilles Villeneuve is one of the main conditions to be fulfilled in order for Montreal to continue hosting the F1 race until the year 2024. The control tower needs to be renovated, the track surface needs to be repaved, a track hospital must be made available, and the garages and the paddock must be greatly improved. These are the things that account for most of the total cost of the renovations.

The other big condition that would assure the continuation of F1 in Montreal is the acceptance of an increase in the annual contribution made by governmental bodies. The next agreement to be made between governmental bodies and Bernie Ecclestone would probably include an annual increase of 4% over the current amount of CDN $15 million. The governments of Quebec and of Canada, the city of Montreal, and the Montreal Tourism Board have agreed to this annual increase.

The question of the renovation work remains to be decided: how much will it cost and how will the cost be shared? Nevertheless, authorities are not pessimistic and do not want to drag their feet. "This matter is apolitical," said our source.

An agreement on these two points--the indexing of the sanction fee and the track work--between Bernie Ecclestone and his F1 management company, Formula One Managment, on the one hand, and government bodies on the other will not happen before spring. Then it will be up to the race promoter to reach an agreement with Bernie Ecclestone.

There's hope for an announcement of good news, ideally on the occasion of the next Grand Prix of Canada in Montreal.
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