Canadian GP announces settlement with FOA
Grand Prix F1 du Canada Inc. has announced that the commercial dispute between it and Formula One Administration (FOA), which had been ongoing since last fall and led to the cancellation of this year's Canadian Grand Prix, has now been settled. The GP was already listed on a provisional 2010 calendar with a June 6 date.
Normand Legault, president and CEO of Grand Prix F1 du Canada Inc., said: “I am very happy, and fully satisfied, with this outcome. I have always been confident of being able to resolve the dispute, given the in-depth understanding I have had to develop of the Formula 1 racing situation in Canada. And I am especially pleased that an announcement is forthcoming to the effect that the Canadian Grand Prix will be back on the FIA calendar as of 2010. I never doubted that the Canadian race would regain its rightful place on the FIA schedule, and my discussions with F1 management led me to believe that the event would return soon.
“The race is important not only for Formula 1, but also for the teams, manufacturers and sponsors,” Legault added. “I am also happy for the Canadian Grand Prix's many fans, because they are true F1 enthusiasts who appreciate the real value of the spectacle and the competition.”
Legault, who announced he would no longer be involved in the promotion of the event, said he was "very proud of how far the Canadian Grand Prix has come since it was first run on the Île Notre-Dame circuit more than 30 years ago, when I initially became involved in organizing it. Our efforts in the early 1990s to take the Grand Prix beyond the boundaries of Île Notre-Dame have transformed it from a mere auto race into a mass-appeal event that is an indispensable part of Montréal's summer festivities, with spinoffs that benefit the entire downtown area and other neighborhoods."
Legault concluded: “As to the question of whether I will remain involved as local promoter, I had already announced last fall that I no longer wished to fill that role, in view of the economic model currently prevailing in Formula 1, which has now made it impossible to put on an event like this strictly with private investors, and no government assistance. I explained last fall that I did not wish to ask the governments for support in order to meet FOA's financial requirements, and so it became unthinkable for me to continue to act as promoter. I believe, however, that considering its value for our local economy, it is important that the event return, and I wish every success to those who decide to take over the work that I have done over the years.”