Canada Promoters Find Financial Solution

The Canadian Grand Prix will be included on the 2004 Formula One calendar after race promoters were able to find a financial solution, the Journal de Montreal newspaper reports today.

The Grand Prix was originally removed from the 2004 calendar after local legislation banned tobacco advertising in the event. However, the FIA's World Council reinstated the race on the calendar pending a financial agreement that would compensate the Formula One teams for running an 18th race and without tobacco sponsorship. According to reports, the organisers had to come up with a funding of $30 million US.

Journal de Montreal reports today that race promoter Norman Legault has found most of the necessary funds, having secured $10 million US from Quebec and Ottawa and $10 million added by himself, failing to find a sponsor. The remaining $10 million US, the paper said, will be added by Formula One supremo Bernie Ecclestone himself should the teams demand it.

The financial compensation, however, applies only to next year's Grand Prix as the deal between Legault and Ecclestone will allow the cars to race without tobacco sponsorship in Montreal until the end of the current contract in 2006.