The IndyCar race that has been held six times at the city Centre Airport in Edmonton since 2005 will be discontinued going forward.
The money-challenged event has been on life support since IndyCar CEO Randy Bernard said in May that the race had to hit performance targets in order to continue in 2013. With Octane Motorsports Events officially announcing on Friday that it was pulling out of the race, it signaled the end of the event that began as a Champ Car race, according to the Edmonton Journal.
Octane had announced in July it wouldn't renew it title sponsorship beyond '13, but at the time said it would see out its deal. On Friday, it announced it had filed a "Notice of Intention to Make a Proposal" as an insolvent person at the Superior Court of Quebec in Montreal, according to the Journal.
"Probably the biggest area (why) this series is struggling here is (lack of) support from local sponsors," Bernard said in July. "I think that's one of the big areas that we could see some help on."
Edmondton Chief Financial Officer Lorna Rosen told the Journal that the city invested about $22 million in the race since 2005.
"The city of Edmonton has seen upwards of $50 million to $80 million in economic activity generated by the race, plus anywhere from $18 million to $20 million worth of news and sports coverage," Rosen told the paper.