- Associated Press - Saturday, June 7, 2014

MONTREAL (AP) - The Canadian Grand Prix is staying in Montreal through 2024.

Formula One announced on Saturday it has reached an agreement with the Montreal, Quebec and Canadian governments to keep the race at the Circuit Gilles Villeneuve for another 10 years.

The Canadian Grand Prix was first run on the track on the Ile Notre Dame in the St. Lawrence River in 1978.

The governments agreed to share a $17 million (about U.S. $15.56 million) annual payment that will total $187 (U.S. $171.14 million) million over the term of the agreement. They will recoup part of their costs through a share of ticket sales.

The city of Montreal also agreed to pay another $30 million (U.S. $27.5 million) to renovate the track. That will include a new tower and paddock.

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