The city of Vancouver is returning a $500,000 payment to organizers of this summer’s canceled Formula E electric vehicle race.
The city said in a statement Friday that it would refund the “performance security payment” to One Stop Strategy Group, with the condition that the organizer use the funds to pay its financial obligations related to the canceled event.
That could include “refunding ticket holders, vendors and/or event sponsors, as appropriate,” the city said.
In April, OSS announced the cancellation of the competition, which had been scheduled for earlier this month. At the time of the cancellation, the group said it intended to host a Formula E race in Vancouver in 2023.
However, this plan did not materialize as Formula E terminated its contractual relationship with the OSS Group.
“As a result, the city has suspended all preparatory and planning activities,” the city government said in a statement.
“To date, no new applications have been received in the city for a future Formula E event.”
The $500,000 payment to OSS Group will come entirely from funds OSS paid the city under its 2022 agreement, the city said, adding that the reimbursement “therefore has no financial impact on the city’s budget.”
“Questions regarding funds being paid or reimbursed by OSS to ticket holders, vendors, sponsors and/or other potential creditors should be directed to OSS,” the city said.
Organizers previously boasted that the Formula E race would bring $80 million in economic value and thousands of jobs to the city.
The last time a Formula E World Championship event came to Canada was the Montreal ePrix in 2017. Montreal Mayor Valerie Plante later canceled the planned 2018 and 2019 Formula E events, citing cost overruns and sponsorship issues.
Add Comment