The Canadian Press states that the grand prix generated an estimated $100 million for Montreal on an annual basis in terms of economic benefits, with the whole city turning into one big party over the weekend and in the week leading up to it.

Moreover, F1's major manufacturers are distressed at the prospect of there being no North American race on the calendar for the first time in half a century, with the market being a hugely significant one for car sales. A group of Montreal merchants tried – in vain – to persuade the sport's six manufacturer teams to each pitch in $3 million to save the event, suggesting the money could be passed off as an advertising expense.

With the current credit crunch sweeping the globe, however, and the grand prix in France having been dropped due to financial strain, that in Australia recording record losses and that in China believed to be re-assessing its future, the president of ice-hockey team the Montreal Canadiens is confident that one day Ecclestone will be back with a far more palatable offer.

“The current economic model of Formula 1 is apt to hit a wall,” argued Pierre Boivin. “I think governments made the right decision [in refusing Ecclestone's demands].

“It was completely unthinkable that they might break even under the terms put forward by Mr Ecclestone. He was clearly intransigent.”