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The celebratory champagne will once again be flowing on the race track now that officials are set to announce the Canadian Grand Prix's return to Montreal next year.
Mayor Gerald Tremblay will announce Friday that a deal has been reached with the body that runs Formula One. The race will return to the circuit Gilles Villeneuve racetrack, where it had been held for more than 30 years.
About $75 million in confirmed funding from the federal, provincial and municipal governments will guarantee that the race stays in the city until 2014.
The race had been held in Montreal annually since 1978 before being dropped unexpectedly in 2009, reportedly because Formula One boss Bernie Ecclestone demanded more money.
The Montreal Formula One race draws wealthy tourists from all over the world, with visitors spending an average $75 million in just under a week.
One business owner told CTV Montreal he makes five times more money during Grand Prix week than any other time of the year.
"This of course is huge for the city. It's great for Montreal, its great for Canada, it's the biggest tourist attraction in the country," reporter Daniele Hamamdjian told CTV News Channel.
The cancellation of the Montreal race in 2009 left a gaping hole for North American Formula One fans who were left without a race on the continent.
There is speculation that the poorly performing Turkish Grand Prix will be dropped in favour of Montreal on the schedule.
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