The Canadian Grand Prix is provisionally set to return to the F1 calendar in Montreal on 13 June 2010  after the Canadian government, Quebec and Montreal's tourism board agreed an annual investment of £8.5m over the next five years to keep the race.

Mayor, Gerald Tremblay, has welcomed the new agreement which will keep the race.

"The return of Formula 1 to Montreal attests to our sustained efforts and determination," he said.

"This win-win deal falls in line with the terms we set and the taxpayer's ability to pay and will create stability for the next five years.

"I am very pleased that our metropolis is bringing back this crucial stage in the Formula 1 series for fans from around the world and an outstanding opportunity in terms of the event's international reach."

Quebec's finance minister Raymond Bachand added: "All three levels of government have worked together tirelessly over the past few months to bring the grand prix back to Montreal, while acting in a financially responsible manner.

"With this agreement in hand, I am delighted that our efforts have finally succeeded."

Minister of Tourism Nicole Menard said: "The Grand Prix of Canada has more impact on the tourist industry than any other sports event in Canada.

"Of the 300,000 spectators at the competition, 25 per cent come from outside Quebec."