A contract extension for the Canadian Grand Prix could face delays after event organisers discovered that renovation works to the ageing Circuit de Gilles Villeneuve are like to cost more than what was budgeted.
We reported last year that the venue had negotiated terms to extend its hosting contract for a further ten years, subject to upgrade works being performed to bring the circuit facilities up to par.
However, the La Presse newspaper has reported that the $25 million originally set aside to cover the works won’t be nearly enough. A source “very close” to the negotiations has confirmed that the actual costs are almost double that amount at $40 million.
The more expensive quote has forced a “reassessment” of the budget allocation, which will delay organisers and F1 supremo Bernie Ecclestone from officially inking a new deal to keep the Canadian Grand Prix in Montreal.