© Jerome Pagusan

For over fifty years, the Formula One World Championship has been associated with glitz and glamour, drawing royals, moguls and celebrities to cities like Montreal, a favorite stop on the Formula One circuit. However, for the first time in forty years, the Canadian Grand Prix has been cancelled this year. Despite great efforts, the event no longer attracts the international clientele that once flocked, and Canada has not been the only country affected. Last year, France and the United States were also indefinitely dropped from the tour.

Despite the current economic climate, the Formula One World Championship remains the most widely watched sport in the world. This weekend, when the Montreal race would usually take place, the Turkish Grand Prix is being held instead. Turkey is one of five Asian hosts added in the last few years, joined by China, Bahrain, Singapore, and most recently, the United Arab Emirates.

The changing face of the championship is an accurate reflection of the shifting world economy and globalisation of this European tradition. While tourists are in abundant supply at these new destinations, the event appears to be losing its prestige. In shaky economic times, a sport this expensive cannot afford to be exclusive.

To give an idea of the amount of resources poured into this sport, one need look no further than the $400 million budgets of some of the teams. Although there has been talk of imposing a budget cap to curtail spending, the industry still generates over $4 billion a year. Cities like Montreal have relied on the Grand Prix to boost tourism, but while small businesses and restaurants may benefit, resources invested by the host governments are no longer being returned as profit.

Montreal embodied the spirit of the Formula One. The Grand Prix proclaimed the arrival of an exciting summer after one of the longest and coldest winters in the world. Already a cultural mosaic, the city has a European vibe unique in North America and despite the excitement surrounding the Asian expansion, it is difficult to recreate energy steeped in history.

The Formula One developed from events such as the European Grand Prix, introduced in France in 1906, and the American Grand Prize, established in 1908. The European and North American countries that no longer host the event have been replaced by Asian countries that are able to sustain it. In emerging markets such as Shanghai and Abu Dhabi, the event is expected to thrive. Nevertheless, China, Bahrain and Turkey were all introduced before the current recession hit, so if this billion dollar industry is indeed pioneering the wave of the future, then there is hope for their Western counterparts.

There are negotiations to bring back the Canadian Grand Prix as early as next year, and the events in France and the US are merely considered to be ‘on pause’. As the World Championship adapts to the shifting global economy, it does not necessarily mean the end of an era–in fact, these moves could prevent the institution from becoming archaic, generating renewed interest if and when when it returns to France and North America.