Montreal mayor cancels Formula E over cost overruns, sponsorship woes

Montreal’s mayor has decided to cancel the controversial Formula E race.

READ MORE: Montreal’s Formula E run-up has drivers seeing red

Valérie Plante says cost overruns and sponsorship woes are two of the reasons for the decision.

READ MORE: Businesses not seeing same excitement behind Formula E compared to F1

She told reporters at city hall Monday afternoon keeping the event in 2018 would cost taxpayers between $30 million and $35 million.

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Only 25,000 tickets were sold for this past summer’s event, which became a hot potato in the fall election campaign that saw Plante defeat Denis Coderre, the driving force behind the race.

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Plante says the only way the race can return is for the city to clean house and work on a better business model.

READ MORE: Streets in downtown Montreal to reopen after Formula E race

The mayor says her party started looking into the file as soon as it won November’s election.