“What we will be discussing is a business deal,” added Tremblay, quoted by Canwest News Service. “If we do nothing, it is gone.

“Any talk of a bail-out is premature, though. We will make a decision that is fiscally responsible.”

Forty per cent of all visitors to the race come from outside of Québec, but Wilson explained that as one of the few remaining grands prix not subsidised by a government body, the Canadian race was always going to be vulnerable in an age in which an increasing number of venues – particularly in the booming Middle and Far East – are willing and able to pay above the odds for their right to welcome the world's most glamorous and expensive sport.

With Canada reputedly having paid $20 million a year to host the top flight – compared to the $50 million coughed up by some rivalling countries – Wilson acknowledged that the only hope now was for the government to step in to try and save the day.

“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 told 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.

“Like any business, we had to make a business decision based on these observations. We were confronted with the following choices – either we re-negotiate on a more realistic basis for our market, or we remove ourselves entirely from the management of this event.

“Mr Ecclestone seems to have made his decision. It is true that a commercial disagreement existed between us, and we are sorry that Mr Ecclestone deemed it appropriate to cut short the negotiations and react in this manner.

“It's now for [the government] to call the shots. If they think it's a good idea for the city, for the province, for the country, go for it. Is it worth it? I can't answer that; they can.

“I know that Michael [Fortier] wants to start moving things and wants to have meetings, and if he needs our help to speak to people and build a business plan of what it could be like, we'll be there for sure.”

F1 Grand Prix du Canada is said to be no longer interested in promoting the event, with rising costs having pushed the race out of reach of a private promoter, but Ecclestone has reportedly admitted that he would be keen to see the race return in the future.