Organisers of the Canadian Grand Prix have admitted defeat in their bid to reach agreement over future stagings of the race.

The future of the only remaining Formula One race in North America had been in severe doubt after organisers were unable to reach financial agreement with Bernie Ecclestone.

The race was omitted - alongside the French Grand Prix - from the provisional 2009 schedule and following the latest round of talks with the Formula One supremo, now appears to have been dropped altogether.

"We are so far from what he is asking - that is why we find ourselves where we are today," said the Quebec province's Minister of Economic Development, Raymond Bachand.

"Unless Mr Ecclestone changes his mind before the final calendar on December 1, it's over."

Mayor Gerald Tremblay added: "We are satisfied that we tried everything possible."

The 2009 Formula One calendar will now feature only 17 races, with further reports suggesting the Chinese Grand Prix could be in doubt due to the current economic climate.