C'mon, don't we pay people in government to make these types of events work? Hasn't it been proven over and over they generate a ton of income for the area. It sounds embarrassing that the reason this didn't happen was due to poor book keeping
Montreal's Formula E race cancelled, official announcement this afternoon
By , CBC News · Dec 18, 2017
Montreal Mayor Valérie Plante will announce this afternoon that the city is cancelling the controversial Formula E race, sources tell Radio-Canada.
Unpaid bills from Montreal it's electric, the non-profit that organized the race, and the deficit last August's race incurred motivated the decision to cancel next year's edition, sources say.
During the election campaign, Plante said that she would hold the race at the Circuit Gilles Villeneuve or cancel it altogether, if possible.
The event was projected to cost taxpayers $24 million over six years, and Radio-Canada has reported that the race organizers used nearly all of their $10-million line of credit, which Montreal is responsible for.
It is also expected that the financial results of the race will be made public today, according to Radio-Canada.
Financial results may be weak since figures show only 25,000 tickets were sold and 20,000 were given away to boost attendance numbers.
Plante and Formula E
Formula E was the initiative of former mayor Denis Coderre, who said the race would help promote sustainable energy initiatives in Montreal.
The race was slated to be held again in 2018 and 2019.
It drew massive criticism for using public funds to host the event, something other cities don't do.
In the fall, Plante criticized the race for its financial impact on the city.
"What were the economic benefits? Was it worth it for the citizens who felt trapped and the businesses that lost money?" Plante said.
Many also criticized the location of the race, held on the east side of downtown Montreal and forced the closure or reconfiguration of a number of city streets.
If the race is cancelled, the city will have to pay millions in penalties to break the three-year commitment between Montréal it's electric and Formula E.