The Formula E race could end up costing taxpayers upwards of $47-million, reports La Presse, including a penalty of nearly $12M for cancelling.
And that's not counting any legal costs that may come out of this.
The Journal de Montreal is also reporting that $1.2M was spent on two lavish VIP parties for the race.
Montreal mayor Valérie Plante announced Monday that they were cancelling the Formula E race due to spiralling costs and after failing to come to an agreement with the race organization on how to suspend the race for at least a year to sort things out.
The Formula E organization said in an email statement to CJAD 800 News that they will not comment further since this is now "in the hands of our Canadian legal counsel."
Dominic Fugère, head of the Trois-Rivières Grand Prix which helped organize the sporting logistics for the event, said it's too bad the event wasn't given a chance.
"You have to remember this was a first year, there's always growing pains. I don't know how it was for the first edition of the Montreal F1 Grand Prix or the first year for Just for Laughs or the first year of Montreal Jazz Fest but you have to take it into perspective," said Fugère.
"But from what she oversaw, she decided this was the best course of action for the city of Montreal."
Heidi Miller, spokesperson for the citizens' group against the race being held in their neighbourhood said as costly as any possible penalties and legal fees may be, it's worth it.
"Maybe paying those penalties might hurt at first," said Miller in an interview with CJAD 800 News.
"But over the long term, I think we'll be a little bit richer financially."