The Canadian Grand Prix will remain on the calendar until at least 2024 after agreeing an extension to its previous contract.
The government-backed race at the Circuit Gilles Villeneuve must implement a raft of upgrades as part of the deal, but race promoter Francois Dumontier is confident they’ll be completed by 2017.
It will include a new pit and paddock complex, new grandstands and upgrades to the circuit’s medical centre and is expected to cost between $25 and $40 million (£13.6m and £21.7m).
“We need to deliver new garages for the grand prix in 2017, so we need to start working on plans soon, and start work on the garages after the race in 2016,” said Dumontier.
The deal, agreed with Bernie Ecclestone, sees the race organisers take a larger share of ticket revenues as a result of the negotiations.