Formula E

Formula E owed over $20 million after Montreal ePrix cancellation

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Credit: Formula E

The group that organises races for the Formula E championship is owed over $20 million following the cancellation of the Montreal ePrix.

The Canadian city was due to host two races to finish off this year’s championship, but pulled out when the newly elected mayor decided that the event would cause too much disruption.

Following the decision the organising body for the race, ‘Montreal c’est electrique’, filed for bankruptcy – leaving three main creditors.

Formula E Operations is owed $20.7 million, with the City of Montreal owed $7.3 million and the company in charge of promoting the race, Evenko, owed $4.7 million.

The City of Montreal was the only one to apply to be a secured creditor, meaning it will be paid before anyone else, however Formula E Operations have said that they are planning on suing the city due to the breach of contract.

However the court-appointed bankruptcy trustee Philippe Jordan from PricewaterhouseCoopers told CTV News that it’s unlikely that the full sums will be recovered.

Jordan said, “The statement of claim is just to establish how much they’re owed. Having said that, you have to understand in these claims, there will be outstanding sums owed for damages for breach of contract.

“There may be a variety of claims made, but definitely if we’re looking at $32 million, there won’t be that kind of money to pay back.”

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