While Formula One’s top drivers are fighting for first place at the Canadian Grand Prix, the event itself will be fighting for its existence.
Driving the news: It’s Grand Prix weekend in Montréal, with race day happening today on Notre Dame Island. The Canadian Grand Prix has been a staple of the F1 calendar since 1978, but its reputation has been severely shaken after a disastrous outing last year.
- In 2024, heavy rains flooded sheltered areas, drivers were late to meetings due to construction, rampant miscommunication created difficulties for fans trying to access events, and to top it all off, the race ended with spectators storming onto the track.
- The calamity led to a formal apology to teams from F1’s CEO and the resignation of the head of Octane Racing Group, the race’s Bell-owned organizer and promoter.
Why it matters: Several countries, like Argentina and Vietnam, are lobbying to host Grand Prix events, but F1 doesn’t have any room left on its calendar. Adding new cities will require removing older ones, and Montréal could be on the chopping block if it doesn’t shape up.
- Montréal's contract with F1 goes until 2031, but negotiations to extend it are at an impasse as F1 waits to see if this year is a triumphant comeback or another tire fire.
- The race once held the important position of being the only F1 event in North America, but with contests now in Austin, Miami, Las Vegas, and Mexico City, it’s potentially expendable.
Big picture: Really fast drivers are an economic driver, with the event boosting restaurant profits and hotel bookings. Last year, it attracted 300,000 visitors who spent $162 million at local businesses, per Tourism Montréal. The pressure is now on to keep it around.—QH