Montreal will continue holding a Formula One Grand Prix for at least another 12 years.

The current contract for the Canadian Grand Prix was to expire in 2024, but Formula One owners, Liberty Media Corporation, have agreed to a five-year extension.

Federal and Quebec government representatives as well as Montreal Mayor Denis Coderre on Friday pledged $98.2 million dollars to extend the contract to 2029.

Ottawa’s portion will be $36.2 million, Montreal’s will be $34 million, and $28 million will come from the Province of Quebec.

In addition, Quebec will put $18 million into improvements to the 4.361 Circuit Gilles Villeneuve, including the condition of the track as well as its facilities.

Work will begin following the 2018 race, and will be completed for the 2019 Canadian Grand Prix..