Canada extends F1 deal amid rising costs and ticket hikes

Montreal will remain on the Formula 1 calendar until 2035 after local organisers agreed to a new deal that includes a significant hike in the annual race fee - a cost that will, in part, be passed on to fans.

As predicted by Le Journal de Montreal a day earlier, F1 and Canadian race promoter Octane officially announced the contract extension on Tuesday.

The newspaper noted that Montreal now joins the ranks of the most secure races on the 24-event calendar.

"Miami (2041), Australia (2037), Bahrain (2036), and Madrid (2035) are among those with longer contracts," Le Journal reported. The new deal, jointly funded by Ottawa, Quebec, Tourisme Montreal, and Societe du parc Jean-Drapeau, replaces the current agreement set to expire after the 2031 race.

According to Le Journal de Montreal, the cost of hosting the Grand Prix will increase from $26 million per year under the current contract to approximately $29 million annually from 2032 to 2035.

"The Montreal stopover will thus reach the average of the agreements concluded among the 23 other promoters on the calendar," the report stated.

Carlos Leitao, a Quebec politician, defended the increased expenditure.

"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 echoed the sentiment, emphasising the wider financial payoff.

"In tourism spending alone, the benefit is $1 billion," she said. "That's not nothing."

The news comes amid intensifying global competition to host F1 races. 

On Tuesday, EFE news agency reported that Thailand’s government formally approved a $1.27 billion bid to bring Formula 1 to the streets of Bangkok between 2028 and 2032.

As for Montreal, part of the cost of retaining the event will be shouldered by spectators.

Le Journal de Montreal revealed that ticket prices for two grandstands will rise by $90 and $140 respectively starting in 2026.