The IZOD IndyCar Series will race in Toronto through at least 2014 it was announced at a news conference in Canada’s most-populous city May 14.

Contract renewals have been signed with the City of Toronto, Honda Canada, Exhibition Place, Tourism Toronto and INDYCAR, securing the immediate future of the event that first was run in 1986 with current IZOD IndyCar Series team owner Bobby Rahal driving to victory.

“Big events define big cities,” said David Whitaker, president and CEO of Tourism Toronto.

And INDYCAR CEO Randy Bernard said that the race on the Exhibition Place circuit is a big event on the series’ schedule. This year’s race is July 6-8. CLICK FOR TICKETS, INFO

“Toronto is, by far, one of our very favorites,” said Bernard, who attended the news conference. “It’s my favorite because of our passion our drivers show here. They’re not afraid to get in a few fights and let their voices be known.”

Dario Franchitti has won two of the three IZOD IndyCar Series races on the 1.75-mile, 11-turn temporary street circuit, including 2011 when contact with Will Power’s No. 12 Verizon Team Penske car led to some harsh words and finger-pointing. Franchitti went on to win the series title by 18 points over Power, who started on the pole but finished 24th.

Green Savoree Racing Promotions, organizers of the Honda Indy Toronto, was created in 2009 to manage the Toronto event with a focus on partnerships, spectators and fiscal responsibility.

“Auto racing is exciting and accessible for fans, but it is also very attractive to corporate and public partners,” said Kim Green, co-owner of Green Savoree Racing Promotions. “We wish to thank Honda Canada and all of our partners for helping us bring the Honda Indy Toronto to life.”

Added Charlie Johnstone, vice president and general manager of the Honda Indy Toronto: “This event is a part of our heritage, our fabric and our future. We take the responsibility of putting on a good show very seriously and it is clear that a growing community of partners and fans believe in our vision and are ready to take a stake in the event.”