The Canadian Grand Prix authorities believe Formula 1 has simply become too expensive for organisations such as theirs, after the Montreal race was axed from the calendar.
Although the event had appeared on the original provisional schedule, it has now lost its date to the Turkish GP, which has been switched from August to June so the teams get their now-traditional three-week summer break.
The Canadian GP's vice-president of marketing Paul Wilson told a news conference in Montreal that with so many races now subsidised by governments, events like their race were struggling to keep up financially.
"For an organisation like ours, which is to say a private promoter, the actual business model implemented by the owners (of F1) and F1 teams is no longer feasible," Wilson was quoted as saying by the Montreal Gazette.
"Given the financial pressure imposed by the indebtedness of the owners, combined with the demands of the teams, there is no choice but to impose cost increases that are unfortunately no longer feasible for our market.
"And like any business, we had to make a business decision based on these observations.
"We were confronted with the following choices: either we renegotiate on a more realistic basis for our market, or we remove ourselves entirely from the management of this event.
"Mr (Bernie) Ecclestone seems to have made his decision."
There have been suggestions that the Canadian government and the provincial authorities might now get more involved in efforts to rescue the race, and Wilson said his organisation would be willing to assist.
"It's for them to call the shots," he said.
"If they think it's a good idea for the city, for the province, for the country, go for it."
The loss of Montreal has come as a disappointment to many in the F1 paddock.
"It’s a shame we’ve lost Canada," said Timo Glock.
"For me, I had really good memories every time: I scored two points in my first Formula 1 race in Canada, I was on the podium in Champ Car and this year again I had a really good result in position four.
"It was one of the best races on the calendar and it’s a shame we will be missing it."
Jenson Button added that Montreal was also one of the best host cities that F1 visited.
"I think it’s a great city and it’s one of the best races to go for the nightlife – it’s a lot of fun," he said.
"We get a holiday now in the summer which is quite nice, but it’s sad to see it go.
"I don’t know the reasons behind it but for sure I will miss the city, Montreal, probably more than the circuit."