Toronto CEO confirms 2008 race has been cancelled

Grand Prix of Toronto CEO Charlie Johnstone confirmed Wednesday that the 2008 edition of the race has been cancelled.

Organizers held out hope that the race could be held this year on a new date after last month's announcement that the Indy Racing League and Champ Car World Series would merge this season.

Johnstone said organizers received an impressive show of support from the IRL, Exhibition Place and local officials and partners.

"Unfortunately, we ran out of options and time for 2008," Johnstone said in a statement. "That doesn't mean the future is bleak, but we'll need concrete actions from our partners to solidify the event's foundation and status as a marquee event in North American open-wheel racing."

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