Bernie Ecclestone has reportedly requested that the organisers of the Canadian Grand Prix at the Circuit Gilles Villeneuve invest upwards of £9.5 million ($15m) if they’re to secure a new contract to host Formula 1.
The Montreal based circuit is one of the oldest on the calendar and first hosted an F1 race in 1978, but parts of the track are in dire need of renovation.
Ecclestone has asked François Dumontier, CEO of Octane Racing Group Inc which is in charge of hosting the event, to seek investment, estimated at just under £10m, to bring the circuit up to the required standard before negotiations take place over extending the circuit’s contract past 2014.
It’s believed Dumontier has approached the local governments of Quebec and Ottawa, which each contribute £4m toward the hosting fee along with an additional £3m from the Montreal tourism board, to help fund the modernisation costs.
The Canadian attributed to the fact that many of the buildings around the circuit are almost 25 years old.
“It is important to note that there remain two years on the current contract with Formula One Management and the partners who are at various levels of government and Tourism Montreal,” Dumontier told La Presse.
“Taking into account the fact that the permanent installations of the circuit, in particular the control tower and the garages, go back nearly 25 years. It is more than probable that the repair of those is an important component during the negotiations aimed at prolonging the current contract.”
Dumontier was however skeptical about the £10m figure being thrown around for the redevelopment works.
“It seems to me to be a bit premature to advance a specific sum on the possible works.”
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