Show Me The Money: Attempts to rescue Canadian GP failed

Organizers, fans and media alike were shocked when the news broke that Formula One Management and the FIA had canceled the perennial Canadian Grand Prix, but the prospect remained open for local officials to renegotiate the contract. We're disappointed to report, however, that those prospects have now all but completely dissipated, as negotiations between the sport's commercial rights-holder Bernie Ecclestone and representatives from the Canadian federal, Quebec provincial and Montreal municipal governments have broken down. And everyone's fingers are pointing at Bernie.

According to Montreal mayor Gerald Tremblay, Ecclestone put forward an outrageous proposal extorting exorbitant multi-million-dollar fees from the race organizers, who receive backing from the three levels of government. The Canadian representatives then began considering levying a new tax over local hotels to cover the cost and planning to establish a non-profit organization to come up with a fiscally sound counter-offer, but even those prospects were completely shut down when Ecclestone stated his refusal to budge from his terms whatsoever. And so, with the US Grand Prix still out of the running – for the time being, at least – the top level of motor racing has completely abandoned North America altogether.

[Source: Autosport | Image: Lluis Gene/Getty]