Bernie Ecclestone on Friday said it is not inconceivable that Canada could win back its spot on the formula one calendar.

The F1 chief executive recently cancelled the Montreal race's contract for 2009 and beyond.

"We tried our best, but they have not kept up their obligations for the past three years," he told Auto Motor und Sport in an interview.

"Until this point they have paid only 50 per cent of the money they owe us. I wouldn't say that Canada has no chance to return, but first they have to pay," the 77-year-old billionaire said.

Since the Canada axe, organisers of the Magny Cours race have called off the 2009 French grand prix for financial reasons.

"They had one more race than we were expecting," Ecclestone revealed.

"We don't have to worry," Bernie said. "There are four of five new people who are just waiting to get a grand prix."

Source: GMM