Montreal is dropping its publicly-backed leg of the FIA Formula E World Championship. Big costs and poor sponsorship are two of the reasons the Mayor gave for the decision.
New Montreal mayor Valerie Plante made the announcement at a press conference earlier today. Plante had made campaign promises that the race would either move from downtown streets, or cancel it completely if possible.
It looks like the latter was possible.
Moving the race to the Circuit Gilles Villeneuve, home to the city's Formula 1 race, was not possible. The track will close for extensive renovations immediately after the F1 race.
Plante called the 2017 Formula E event a "financial fiasco." It was revealed earlier this year that only 25,000 tickets were sold and 20,000 were given away to boost attendance.
The cancellation will come with a financial penalty, but holding the race carried a penalty of its own, said the mayor. "Keeping the event in Montreal would cost taxpayers between $30 and $35 million," Plante said. The event was projected to cost $24 million over six years, but has surpassed that total. Radio-Canada also reports that Montreal It's Electric - the non-profit organizer - has used up their $10 million line of credit, which the city is responsible for.
The full financial results of the race are expected to be made public later today.