Montreal F1 rescue decision due Friday

UPDATE #2 (GMM) Further to news that Canadian governments seem willing to pledge money to save Montreal's F1 race, it has emerged that Bernie Ecclestone has now decreed a looming deadline.

According to the Canadian national daily The Globe and Mail, a source close to the negotiations has revealed that the F1 chief executive has told officials "they must conclude everything before the end of this weekend".

The source added: "It does not sound like they will have six weeks to find the 'save the GP' solution."

It is expected the cost of reviving the event, held annually for decades at the Circuit Gilles Villeneuve on Ile Notre Dame, is at least $20m.

A new promoter from the private sector must also be found.

11/01/08 (GMM) Canadian levels of government are willing to put money into the rescue of the formula one race at Montreal.

That is the information of the French language Journal de Montreal newspaper, which had earlier said an official decision and announcement was due on Friday.

But without a private body ready to commit to taking over from outgoing promoter Grand Prix F1 du Canada, run by Normand Legault, an official declaration about the government's intend was not made.

The newspaper also said Legault may remain involved, on a board of directors of a new organization to be formed.

It is possible that Cirque du Soleil's Guy Laliberté will be involved, but NASCAR team owner George Gillett is believed unlikely to contribute financially.

10/30/08 (GMM) The fate of a possible government rescue package for the Canadian grand prix is expected to be announced this week.

Race and government officials travelled to London recently for talks with Bernie Ecclestone, who scratched Montreal's date off the 2009 calendar over a financial dispute.

But according to the Journal de Montreal newspaper, a decision about whether taxpayer money will be used in an effort to reinstate the race is due to be announced on Friday.

There is also a need for a new race promoter "from the private sector", Quebec minister Raymond Bachand explained last week.

It has been speculated that Cirque du Soleil founder Guy Laliberte could be a possible investor, as well as the NASCAR team owner George Gillett.