Nicolas Deschaux President of the French motor sport federation (FFSA), promoter of the French Grand Prix, has announced that the 2009 French Grand Prix has been cancelled due to "economic problems".

"After examining the economic situation, the FFSA is to stop being the financial promoters of a Formula One Grand Prix" he said.

The future of the event was under threat, indeed there was surprise when Magny Cours was given a stay of execution, albeit for just one year.

F1 supremo Bernie Ecclestone has made no secret of the fact that he wants the race moved to more 'exotic' locations, namely the streets of Paris, though several other venues have been mentioned in the last year or so, including Disneyland Paris, a project at Paris Gonesse (Plaine de France), another close to Disneyland called Paris Motorspace (Domaine de Ferrières), and a another project at Sarcelles (Pôle Val de France). Not forgetting Magny Cours itself.

That said, it is believed that Disneyland is the only truly viable option, with Deschaux admitting: "The only project able to be put in place in 2010 is the project Paris Val d'Europe (Disney Marne-la-Vallée)"

However, the Disneyland project has already had opposition from a resident's association, while Pitpass hears that there are other significant hurdles for it to cross before Disney can give it the green light.

The FFSA, which has promoted the event in recent years, admits that it can no longer justify the losses the event incurs, and is no longer prepared, or able, to finance it.

Magny-Cours has never won the hearts of fans, teams or drivers, however, the cancellation of the event means that the 2009 schedule is reduced to 17 races. This, of course, means that should similar financial hurdles be overcome in Canada, Montreal could find itself back on the 2009 calendar, a move that would delight fans, teams and drivers.