Canadian Grand Prix to stay at Circuit Gilles Villeneuve for 10 more years

MONTREAL - The Canadian Grand Prix will keep its engines running at Circuit Gilles-Villeneuve for another 10 years.

Montreal mayor Denis Coderre announced that an agreement was reached with Formula One to keep the race going through 2024.

The municipality as well as the federal and provincial governments will contribute a total of $187 million over 10 years to keep the race.

IN PHOTOS: Canadian Grand Prix rolls in to Montreal

The city has also agreed to spend between 25 milion and 45 million to improve the paddocks, the control tower and other amenities at the track.

The announcement was made as the Canadan Grand Prix was being run for the 35th time in Montreal and 45th time overall.

The race is considered the city's most important tourism draw and contributes an estimated $90 million per year to its economy.

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  McLaren Mercedes driver Jenson Button from Great Britain spins out at the Senna turn during the morning practice session Saturday, June 7, 2014 at the Canadian Grand Prix in Montreal. (Jacques Boissinot / THE CANADIAN PRESS)