The motorsport authorities in France have announced that next year's French Grand Prix will be cancelled.
French racing federation the FFSA issued a statement saying that it had decided not to promote the 2009 race for financial reasons.
"After considering the economic context, the FFSA is giving up its status as a financial promoter of a Formula 1 grand prix," said FFSA president Nicolas Deschaux.
"As a result, unless a promoter is found to replace the FFSA, the French Grand Prix cannot be part of the FIA's international calendar in 2009."
In an interview with French newspaper L'Equipe, Deschaux added that the economic downturn and the losses made by the 2008 race meant that the FFSA could not justify continuing as promoter.
"The communities follow us, but the projected revenues for all leisure activities are 25% down for 2009, while the cost of hosting the race goes up 10% contractually," he said.
"And we have no guarantee that there will be a French driver on the F1 grid next year.
"Now we have completed the accounts for the 2008 French Grand Prix, which show a major deficit (1 million euro).
"The Federation got back into the role of race promoter in an accidental fashion.
"But it is not its role to be promoter on an ongoing basis, especially if that jeopardises its role of serving the public."
The French GP had been scheduled for 28 June on the provisional calendar issued last week, which also saw the removal of the Canadian GP.
The Magny-Cours race's departure reduces the 2009 schedule to 17 races, pending any further developments.
Despite the cancellation of next year's race, the FFSA is still evaluating six potential sites for future French GPs - with a revamped Magny-Cours and five projects situated nearer Paris on the shortlist.
The event's location has been a hot topic in recent years, with Bernie Ecclestone pushing for a move away from Magny-Cours, which is considered too remote and lacking in atmosphere by many in the paddock.
Ecclestone's preference was for a street race in Paris, or at least a circuit closer to the nation's capital.
The FFSA list features potential circuits at Yvelines, near Versailles, plus four sites in the Paris region: at Gonesse, a project known as Paris Motorspace in Domaine de Ferrieres, in Sarcelles, and at Disneyland Paris.
The Magny-Cours organisers are also pushing for another chance, having unveiled an upgrade programme known as 'Magny-Cours 2' which they believe will address the venue's shortcomings.
Deschaux told L'Equipe that the Paris Val d'Europe scheme at Disneyland was the front-runner as it was "the only project that could take place in 2010", but that all the options on the shortlist were "serious" possibilities in the longer-term.
SOURCE: ITV-F1
ED: These are bad times... REALLY bad times in the economic crisis. That's 2 GP's out of next year for financial reasons, so now we're back to 17 races... I'm starting to get worried.
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