Due to mounting economic problems, the French Grand Prix, the world's oldest surviving motor race, has been canceled for 2009.

The Federation Francaise du Sport Automobile, France's motorsport governing body, made the decision after analyzing the race's falling revenues and rising contractual costs. There is still hope that a new vendor and promoter can be found in time for the 2010 race, and several groups have already placed bids for hosting the next event.

The race was first held in 1906, but its most recent home of Magny-Cours was reportedly never popular with either Formula 1 teams or race fans.

Source: autocar.co.uk