Race fans watch a practice round for the Canadian Formula One Grand Prix auto race at Circuit Gilles-Villeneuve on June 6, 2008, in Montreal. After a brief hiatus, the marquee event is expected to be added back onto the F1 calendar for 2010. (Charlie Riedel/Canadian Press)

As Canadian race fans celebrate the return of world class racing to Montreal, the reality is Formula One needs Montreal just as much as Montreal needs F1.

Bernie Ecclestone's gesture to return racing to Le Circuit Gilles Villeneuve is key to the survival of Formula One.

The reason the Canadian Grand Prix was left off this season's calendar was money. Formula One Management (FOM) could not come to terms with Montreal on a fee to be paid for the rights to host the race, so Ecclestone, FOM's principal, looked elsewhere.

He made great deals with tracks in Istanbul and Bahrain, but unfortunately, ticket sales were slow, with lots of empty seats. Those tracks must now be reconsidering their partnerships, and Formula One does not like playing to empty seats. Montreal is a guaranteed sellout, and it is more than a race; it is an event. For that alone, a race on the island is attractive, but it's not the only reason Bernie has been singing Montreal's praises.

A lot has happened inside the F1 world since Montreal hosted its last race.

Honda departed the series, and now, BMW have announced it will be leaving at the end of the year. The remaining auto manufacturers involved in the series have gained a stronger voice and battled with Formula One over many issues, including the equal sharing of revenues and rule changes. The return of Formula One to North America is critical to these manufacturers, and they have been pressuring F1 to return.

Companies such as Mercedes, Ferrari and Toyota sell a majority of their cars in North America and have no way of leveraging their investment in F1 in this key market. A return to Montreal is critical to keep peace in the series and also gives the manufacturers a better business case to remain in Formula One.

Three new teams have also announced they will join F1 in the 2010 season. One of those is an American.-based team, fronted by Haas CNC racing's Ken Anderson and business partner Peter Windsor. Formula One has hopes that a U.S. team with a U.S. driver will generate more interest in the series.

These new teams will benefit by racing in Montreal as well. The new teams are private and will require significant sponsorship dollars in order to run in the F1. Montreal opens the North American market to potential and existing sponsors in the series, making it a significant addition to the Formula One calendar.

So, while we await the release of the 2010 Formula One calendar, race fans can be certain that Montreal will be included, and the deal will be long-term. An event in Montreal is critical to the growth and financial success of Formula One. Fans, drivers, manufacturers, sponsors and teams are all excited to return to one of the best events on the F1 calendar.