The future of the Canadian GP looks all but secured for the long-term, with Bernie Ecclestone revealing that providing some facilities are upgraded, the race will remain on the calendar.
It has been reported that the race in Montreal will definitely be part of the 2013 and 2014 seasons and that a deal extending to 2024 is being drawn up - the only catch is that organisers will have to commit to a revamp that could cost $20 million over a five-year period.
"The annual fee is paid. This is not a problem. All that remains is the OK for the building work," Ecclestone is quoted as saying by La Presse .
It is the pit lane and paddock area at the Gilles Villeneuve Circuit that the Briton feels needs the most work, but he insists that a complete overhaul is not required.
"We just want an upgrade, you do not want it to look like Abu Dhabi," he added. "But we want a facelift. If we construct the same facilities as there are at Silverstone it would be nice. "
Should the Canadian Grand Prix remain on the schedule, it will be one of three races in North America, with the US Grand Prix returning this year and a further race planned for New Jersey.
Ecclestone sees no reason why there can't be three races on the continent; after all, there are multiple races in Europe.
"Canada is important to us," said the F1 supremo.
"The people are friendly and we love coming here."