It is "possible" the Canadian grand prix will be held in 2009, Montreal mayor Gerald Tremblay declared on Thursday.

He had met in London for more than two hours with Bernie Ecclestone, after the F1 chief executive dropped the Circuit Gilles Villeneuve race due to reportedly unpaid fees.

With Quebec economic development minister Raymond Bachand and Canadian federal minister of international trade Michael Fortier also present at the meeting, a deal to reinstate the event for next year was not reached.

But Tremblay told reporters: "We've had a constructive meeting. We have a better understanding of the issues.

"We still have a lot of work to do, to evaluate all the options, but it is still possible to hold the grand prix in Montreal in 2009 and in subsequent years."

It has been suggested that, as well as Canadian levels of government, Cirque du Soleil founder Guy Laliberte, a Quebecois and avid F1 follower, could get involved in the race's financial rescue.

Source: GMM