From GMM

Local and federal levels of government have vowed to step in and help rescue the axed Canadian grand prix at the Gilles Villeneuve circuit in Montreal.

Canada's federal minister of international trade Michael Fortier, who spoke with F1's Bernie Ecclestone by phone, met with Quebec's economic development minister and Montreal mayor Gerald Tremblay on Thursday.

"The grand prix is an event that we cannot afford to lose, and that we will not lose," Fortier is quoted as saying by the Globe and Mail.

A meeting with Ecclestone, to take place in about 10 days, is reported to be the next step.

Fortier and Tremblay both confirmed that a multi-million dollar debt to Formula One Management is at the heart of the dispute.