Thursday 13 August at 10:30 : Aug.13 (GMM) The price-tag for taking formula one back to Canada has plummeted by $100m for a new five year deal, according to local reports

Last year, negotiations with the Montreal race organisers ended when Bernie Ecclestone's demands for a $175m five-year agreement were turned down

Now, after the F1 chief executive said talks are back on track to restore the Circuit Gilles Villeneuve round for 2010, the local Globe and Mail newspaper said the proposed new deal is for just $75m for five years

The newspaper said Ecclestone's hand was forced due to the economic recession and teams' "desire to return to North America"

The Globe and Mail also said the 78-year-old was pressured by his bosses at CVC, the majority owners of F1's commercial rights, to keep carmakers including Renault and Toyota happy and committed to the sport

"It seems CVC decided to appease them with a quick return to North America," said the report