Deadline set for Canadian GP

Because of new Canadian anti-tobacco legislation, the organisers of the race are required to provide compensation to teams for running in the event without cigarette branding, which is likely to cost in the region of £10m.

It was recently revealed that Molson, along with businessmen George Gillett, were looking at providing major investment to the race, which could involve buying the promotional rights to the race from Legault. However, in a joint statement issued with Legault Molson president Daniel O'Neill insisted that the brewery's sole aim was to secure the race's future.

"Molson prides itself in being an active member in the Montreal community and we saw recent events as an opportunity to once again make a meaningful contribution to Montreal," said O'Neill. "Our objective is to have the Grand Prix return to Montreal next year and for the years to come. We intend to go on working with Normand Legault as owner and head of the Montreal Grand Prix to achieve this objective."

Legault praised the support already shown by the brewery in helping the race.

"Molson has played a key role in obtaining an extension of the deadline to reinstate the Montreal Grand Prix on the F1 calendar and Dan O'Neill has been instrumental in searching for the additional funding needed to stage the event in 2004."