Montreal Mayor Denis Coderre has called a press conference for Saturday morning in which he is expected to confirm that the Grand Prix will remain in Montreal for at least another 10 years.
The announcement, which had been anticipated Friday, was delayed until Saturday morning at 11:15 a.m. on Peel St.
Francois Dumontier of the Octane group, which promotes the event, said early Friday that an announcement would be made Friday but later in the afternoon he brushed by reporters with a serious expression and said that he no longer knew.
The issue that raised that tension, however, appears to have been resolved, as Mayor Coderre tweeted just before 5 p.m. that an F1 announcement would be made, but he did not reveal details of what would be announced.
The deal involves the federal, provincial and municipal governments as well as the Formula One group, represented by President Jean Todt in Bernie Ecclestone’s absence.
The three levels of government are believed to be ready to pay $15 million per year indexed at four percent per year.
Formula One Management, which manages the rights to the F1 event, has asked for major renovations to the race course, the garage, the control tower and medical facilities, work estimated to cost between $25 million and $40 million.