Sad news for racing fans in Montreal. According to CBC reports, Montreal mayor Valérie Plante has announced on Monday that the city will cancel the season four finale of the all-electric racing series Formula E, due to a ‘financial fiasco’.

“Montrealers have made it clear that we can’t waste their money on poorly planned projects that don’t serve them,” Plante said. “It was clear as of last May that the organization was headed straight for a financial fiasco,” she added.

Valérie Plante also claims that taxpayers would have to pay up to $35 million CAD ($27 million U.S.) to host the second running of Formula E in Montreal, and it didn’t make financial sense. Additionally, ‘Montreal it’s electric’, the non-profit organisation behind the race, also owes creditors $6.2 million for unpaid bills and is $9.5 million into its line of credit.

Another cause of concern is the event’s low attendance; having sold only 25,000 tickets, the organisers had to give away 20,000 tickets to fill seats.

The organisers of Formula E have expressed their disappointment over the mayor’s decision. In a statement, a Formula E spokesperson said: “We are very surprised and disappointed by the unilateral decision and announcement of the Mayor of Montreal. This is a clear case of a new mayor undoing what the previous mayor did.”