Montreal Paying At Least $24M To Host Formula E Race, but not IndyCar

IndyCar would love to race in Montreal. Montreal will lose about $20 million on the Formula E race, but they prefer to do that then host an IndyCar race because Formula E has international TV deals that deliver 12-15 million viewers to showcase the city.

Montreal Mayor Denis Coderre said that the city will "pay at least" $24M (all figures C) to bring a Formula E race to the city "for the first time," according to Jason Magder of the MONTREAL GAZETTE.

Coderre said that the money will "benefit the city for several years to come, since part of it will pay to repave city streets in the downtown core where the circuit will run" July 29-30.

He said, "We can’t have the race on streets with potholes, and these streets would have to be redone anyway."

Coderre added that the cost for infrastructure, "including paying for barricades (instead of renting them for the season)," will be about $14M. The city is also "providing a credit line" of $10M to the non-profit organization running the event. Coderre “would not say how much the city expects to collect from ticket sales and sponsorships."

However, electric company Hydro-Quebec yesterday announced it will "pay $850,000 to be the event's main sponsor." Hydro-Quebec CEO Eric Martel said that 12-15 million people are "expected to take in the event on worldwide TV." MONTREAL GAZETTE