(CNN) -- Canadian Grand Prix organizers have confirmed the race will be back on next year's Formula One calendar after reaching an agreement with supremo Bernie Ecclestone.
F1 supremo Bernie Ecclestone has reached an agreement to have the Canadian Grand Prix back on the calendar.
A financial dispute between the two parties resulted in one of the sport's most popular events being omitted from this season's schedule for the first time in 22 years.
Lengthy negotiations to resolve the matter have since proven successful, and the Montreal race will take up its initial provisional slot for 2010 of June 6.
"I am very happy and fully satisfied with this outcome," Normand Legault, the CEO of Grand Prix F1 du Canada, told reporters.
"I have always been confident of being able to resolve the dispute, given the in-depth understanding I have had to develop of the Formula One racing situation in Canada.
"I am especially pleased that an announcement is forthcoming to the effect the Canadian Grand Prix will be back on the FIA calendar as of 2010.
"I never doubted the Canadian race would regain its rightful place on the FIA schedule, and my discussions with F1 management led me to believe the event would return soon.
"The race is important not only for Formula One, but also for the teams, manufacturers and sponsors.
"I am also happy for the Canadian Grand Prix's many fans because they are true F1 enthusiasts who appreciate the real value of the spectacle and the competition."