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The City of Montreal has agreed to pay a settlement of $3 million to the organization that runs Formula E, the beleaguered race cancelled after Mayor Valérie Plante took office in 2017.
Formula E Operations, which puts on electric car races around the world, sued the city for $16 million after Plante cancelled plans to host races in 2018 and 2019.
"We are happy to finally turn the page on this file and to have reached an out-of-court settlement that is in the best interest of the city and the citizens," said Benoit Dorais, president of the city's executive committee, in a news release.
"Although our position and our arguments were solid, a negotiated solution was the way to go. This settlement of $3 million compared to a lawsuit of $16.1 million is made for the benefit of Montrealers. It makes it possible to end this saga and to reduce the costs of preparing for a court hearing," Dorais said.
Plante's predecessor, Denis Coderre, first brought Formula E to the city in 2017. Plante decided to cancel the upcoming races after being elected mayor that same year.
The race through the streets of downtown Montreal was criticized for its lack of transparency and low ticket sales.