Montreal Mayor Valérie Plante has announced that Montreal will cease to host the controversial Formula E race.

Stating that the 2018 event would cost the people of Montreal an enormous amount of money, she said, "This is where we draw the line. The Formula E will not be in Montreal in these conditions."

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She said that while the organizers were trying their best to serve their stakeholders, her administration's priority was the "people of Montreal".

Since her election earlier this year, she was expected to take a strong stance on the issue.

Financial woes incurred by the event's organizers meant that it could not be sustained forever.

Montreal it's electric, the non-profit group that organized the event, is drowning in unpaid bills. In addition, last August's race incurred a deficit.

The race was a major component of Plante's election campaign platform. While canvassing, she said that she would transfer the race to the Circuit Gilles Villeneuve or cancel it altogether.

The event was projected to cost taxpayers $24 million over six years.

Apparently, the race organizers used up their entire $10 million of credit.

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