The Canadian Grand Prix will get a new contract and stay on the Formula One schedule until at least 2029, local media reported on Friday.
According to reports, the contract extension from 2025-2029 will be announced this weekend in Montreal, where the Formula One race will be held on Sunday. The race had been on the schedule through 2024. The Canadian Grand Prix has been part of the Formula One circuit since 1967, held in all but three years since.
The announcement said the province would invest $28 million ($20.8 million U.S.) in the event. Among the improvements are new paddocks, which are expected to be built by 2019.
Canadian officials say the race is one of the biggest tourism draws in Montreal, including an estimated 30,000 visitors from the United States alone.