If you bought a ticket to last summer's Formula E race you weren't alone, but you definitely weren't in the majority.
The organizers of the event, Montreal It's Electric, gave its final statement of its accounts Monday. The group announced it spent $20.5 million on the race but the event only generated $3.5 million in revenues.
Taking into account the subsidies promised by the Coderre administration, of which $8.1 million has yet to be paid, Montreal It's Electric still owes $13.55 million.
The deficit breaks down:
- $6.3 million to Formula E Operations for racing rights, services and equipment transport
- $600,000 in fees to Evenko
- $6.65 million on its line of credit (which the city is a guarantor)
Montreal It's Electric added that the current amounts do not include any potential liabilities following Valerie Plante's decision to end the contract with Formula E early, canceling the 2018 and 2019 races.
Aside from the debt the organization announced the number of tickets sold vs. given away weren't as you thought.
A handful of days before last November's municipal election then Mayor Denis Coderre said 25,000 of the 45,000 tickets to event had been purchased by the public or through agreements with partners and sponsors.
Turns out the former Mayor was off, by 10,000.
MCE revealed the finally tally shows only 15,000 were sold, meaning for each single ticket purchased two were given away.
The group noted that even had all of 45,000 tickets been sold the revenue from sales would have still come in under $1 million.
So, who is going to pay the final bill? Formula E has sent a formal notice requesting the residual amounts of the contract.
Montreal It's Electric has ceased operations and has no money so can't cover the costs.
When asked Mayor Valerie Plante said the City won't be paying for it, unless forced, adding the matter will be decided by lawyers.