Canadian officials have confirmed that the Canadian Grand Prix will definitely go ahead for the next five years after agreeing to a new deal with Formula One supremo, Bernie Ecclestone.

All important funding has been put in place to secure the race with revenue said to be coming from certain sectors of the government while the city and its sponsors will receive a percentage of the income from ticket sales to the race.

"This agreement is a win-win situation for the Quebec taxpayer, and for the Canadian taxpayer. For Quebec, this event by itself results in annual tax revenues of more than $10 million, for a $4 million investment, minus revenues from ticket sales,” Quebec Finance Minister Raymond Bachand stated.

However with small doubts over the future of the sport due to the loss of certain big manufacturers, Bachand did confirm that there is a clause in the deal that will allow them an out if big teams like McLaren Ferrari and Williams were to drop out as well.