The Canadian Grand Prix will return to the Formula One calendar next season after a financial package was agreed to support the event.
The governments of Canada and the Quebec region along with Montreal and the city's tourism board announced a deal of $15 million annual investment over five years.
The race has been provisionally penned in for June 11-13 on the Formula One calendar for the 2010 season.
Canada was not included in the 2009 season due to a dispute between local organisers, Grand Prix F1 du Canada and Formula One Administration (FOA) which holds the commercial rights to the F1 series.
"The return of Formula One to Montreal attests to our sustained efforts and determination," said Montreal Mayor Gerald Tremblay in a statement issued by six state agencies.
"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 One series for fans from around the world and an outstanding opportunity in terms of the event's international reach," he added.
The Canadian Grand Prix had been part of the world championship since 1967 and since 1982 had been held at the Circuit Gilles Villeneuve in Montreal.
The news was welcomed by Montreal's tourist board who had missed out on the benefits of the event this year.
"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 percent come from outside Quebec," said Quebec Minister of Tourism Nicole Menard.
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This event alone delivers some $89 million in economic fallout each year, along with 75,000 overnight hotel stays. "I am certainly delighted by this news," she said.
