The city said in a statement Friday that it will return One Stop Strategy Group’s “performance security payment” on the condition that the organizer must use the funds to pay its financial obligations related to the canceled event. That could include “reimbursing ticket holders, vendors and/or event sponsors, as appropriate,” the city said. In April, OSS announced the cancellation of the race, which was scheduled for early this month. At the time of the cancellation, the group said it intended to host a Formula E race in Vancouver in 2023. This plan did not materialize, however, as Formula E severed its contractual relationship with the OSS Group. “As a result, the city has stopped all preparation and planning work,” the city said in its statement. “No new applications for a future Formula E event have been received from the city to date.” The $500,000 payment to OSS Group will come entirely from funds OSS paid to the city under the 2022 agreement, the city said, adding that the refund “therefore has no financial impact on the city’s budget.” “Questions regarding funds paid or refunded by OSS to ticket holders, vendors, sponsors and/or other potential creditors should be directed to OSS,” the city said. Organizers previously boasted that the Formula E race would bring $80 million in economic value and thousands of jobs to the city. The last time a Formula E World Championship event came to Canada was the Montreal ePrix in 2017. Montreal Mayor Valerie Plante later canceled the planned 2018 and 2019 Formula E events, citing cost overruns and sponsorship issues.
