From GMM

Even amid reports of efforts to raise millions to save the axed Canadian grand prix, a bailout needs to be finalised and presented to Bernie Ecclestone "very soon".

"I think we need an answer very soon," Montreal mayor Gerald Tremblay, central to any direct negotiations with the F1 chief executive, confirmed to the city's The Gazzette newspaper.

It emerged this week that local hoteliers have agreed to raise the standard room tax and pledge the extra $5 million to the organisation of the annual race at the nearby Circuit Gilles Villeneuve.

That would be in addition to an extra $5m to be jointly contributed by Quebec and federal governments, with Ecclestone demanding about $30m to reinstate the race for 2009.

Some more of the extra money could come from the city of Montreal itself, by way of Tremblay drastically slashing the cost of the lease of the track on the Ile Notre Dame to just $350,000 per year.

But he said the package needs to be presented to Ecclestone immediately.

Referring to the 78-year-old billionaire, Tremblay said: "He's not interested in where the money's going to come from, he just wants to get the money to which he thinks he's entitled."