Montreal accepts $3m fee hike to keep F1 race

Jun.18 (GMM) Canadian entities will pay more than before to keep Formula 1 in Montreal – and at least some of that cost will be passed to the spectator.

As predicted by Le Journal de Montreal a day earlier, F1 and local race promoters Octane confirmed on Tuesday that they had successfully negotiated a contract extension through 2035.

The newspaper said it is now one of the most secure races on F1’s bustling 24-race calendar.

“Miami (2041), Australia (2037), Bahrain (2036), and Madrid (2035) are among those with longer contracts,” Le Journal noted.

The newspaper was also prepared with the financial details of the new deal, as Ottawa, Quebec, Tourisme Montreal, and Societe du parc Jean-Drapeau combine to fund the event.

The last race in the existing contract will be run in 2031, costing the promoters $26 million solely in the race fee payable to Liberty Media-owned F1.

“This sum will subsequently rise to approximately $29 million annually between 2032 and 2035,” Le Journal de Montreal revealed.

“The Montreal stopover will thus reach the average of the agreements concluded among the 23 other promoters on the calendar.”

Quebec politician Carlos Leitao justified the cost.

“We’re talking about the sustainability of an emblematic event,” he said. “If I put on my economist hat, the economic benefits are much greater than the investments.”

Tourism minister Caroline Proulx explained that in tourism spending alone, the benefit is $1 billion. “That’s not nothing,” she said.

Indeed, EFE news agency reports that the government of Thailand on Tuesday formally approved a $1.27 billion bid to host a F1 race on the streets of Bangkok between 2028 and 2032.

As for the extra cost of keeping F1 in Canada, it appears that spectators will contribute. Le Journal de Montreal said prices for two particular grandstands are rising $90 and $140 respectively per ticket from 2026.

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