Ferrari driver Fernando Alonso drives through turn eight during a practice session at the Canadian Grand Prix on June 7 in Montreal.David J. Phillip/The Associated Press
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.
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 35th Canadan Grand Prix was being run this weekend.
The race is considered the city's most important tourism draw and contributes an estimated $90 million per year to its economy.