MONTREAL — The Canadian Grand Prix will run at Circuit Gilles Villeneuve at least until 2029.

Mayor Denis Coderre and representatives of the federal and Quebec governments on Friday pledged $98.2 million to a five-year extension of a contract with Formula One owners Liberty Media. The current contract was to expire in 2024.

The federal government will put in $36.2 million, the province $28 million and the city $34 million.

Quebec will also put $18 million toward improvements to the race venue at Jean Drapeau Parc on two islands near downtown Montreal.

Building new paddocks and garages and improving the condition of the 4.361-kilometre track were promised when the current contract was extended but so far, little has been done.

Coderre said work will begin after next year’s Grand Prix and will be completed in time for the 2019 race.

The Grand Prix, celebrating its 50th anniversary, has been held at the venue since 1978. Its paddocks, garages and control tower are considered antiquated and undersized.

Coderre, federal transport minister Marc Garneau, Quebec tourism minister Julie Boulet and minister for the Montreal region Martin Coiteux called the race the biggest annual sports and tourism event in Canada, with a large percentage of the visitors coming from the United States and other countries.

"The return on our investment is excellent," said Garneau. "It’s not only the money that is generated during the event itself, it’s that this event brands Montreal around the world."

Garneau said efforts to fight sexual exploitation during the race week, which began in 2014, will also be stepped up. He said the RCMP, the Canadian border services and municipal police are working together to prevent human trafficking and other crimes related to the sex industry when there are thousands of visitors in the city at once.

"It is an effort between several groups to not only educate but also to put into place measures to prevent anyone from trying to do anything," he said.