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Canadian Grand Prix contract extended to 2024

Jun 7, 2014, 11:33 AM EDT

Canadian F1 Grand Prix - Practice Getty Images

Formula 1 will continue to visit in Canada for the next ten years after a contract extension was announced today.

Officials at the Circuit Gilles Villeneuve confirmed today in a press conference that a deal has been struck with Formula 1, ensuring that the sport will continue to visit the circuit in Montreal for another 10 years.

As part of the deal, a sizeable amount of money will be invested in the circuit to allow the paddock and facilities to be refurbished and upgraded.

The race has regularly appeared on the calendar ever since 1967, and is a firm favorite among the drivers, teams and fans, meaning that this announcement will certainly be a popular one.

Despite its popularity, the race has come under threat a number of times. In 2004, it was omitted from the initial calendar before sufficient funding was found to ensure that the race went ahead, whilst it did not take place in 2009 before returning in 2010.

With the Circuit of the Americas in Austin, Texas, currently holding a contract to host F1 until the end of 2022, this new deal for Montreal ensures that there will be at least two events in North America for the next eight years.

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