Increasing costs and a limited return means that the Montreal Formula E race is getting cancelled.

The race weekend, scheduled for July 28 and 29, was to be the final pair of races for the 2017-18 FIA Formula E season. That leaves series organizers scrambling to find an end of season solution to replace the race.

The cancellation was announced yesterday by mayor Valérie Plante. Mayor Plante said during her campaign for mayor that she would try to either have the race moved or cancelled. A move to Montreal’s Formula 1 track, the Circuit Gilles Villeneuve, wasn’t possible for at least a year. Plante said that the city offered to build a new track or pause the race for a year before moving it to the F1 track, but that Formula E organizers said no.

“There was a gap between our proposals for 2018 and their position. We did our job to bridge the gap. It did not work out,” Plante said at a news conference.

The big reason for the cancellation was the cost. Originally, it was expected that the city would pay out CAD $24 million to host the race for six years. The payoff for that would be big attendance and increased tourism.

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Instead, Montreal It’s Electric, the non-profit that ran the race in the city, overran a $10 million line of credit offered by the city before the first race was over. Plante said that the city expected to have to pay $35 million to hold the 2018 race. Main sponsor Hydro-Québec had previously announced that it was dropping out due to poor attendance and ratings from the inaugural race.

There will be a cost to the city for cancelling the race, but Plante isn’t concerned despite her not knowing how much the fee will be. She called the race a financial fiasco.

“What we know is that whatever the cost to cancel the race, I believe it’s worth it, because at this point, it doesn’t pay off,” she said.

Race organizers were able to sell just 25,000 tickets for the first pair of races and gave away 20,000 more to boost attendance. The race was also unpopular with people living around the track as they were extremely limited in how they could access their homes during the event.

It comes as Formula E looked to be at a turning point. Audi added full factory support to a team this year, and Jaguar also joined. Jaguar is expected to add a support series based on the I-Pace crossover for next season. BMW, Porsche, Mercedes-Benz, and Nissan have all confirmed that they will be joining the open-wheel electric racing series in the next three seasons.

The racing was also expected to improve thanks to a higher maximum allowable power usage. The awkward mid-race car swap is also likely to disappear next season thanks to new higher capacity batteries.