CHAMPCAR (PHOENIX) - GRAND PRIX ARIZONA CANCELLED...

The Champ Car World Series announced Tuesday that this season's inaugural has been cancelled due to a lack of corporate sponsors.

The race was scheduled to be run December 2.

"An event of this magnitude requires considerable corporate support and though we did establish some outstanding partnerships, there were simply not enough of these to create economic viability," said Dale Jensen, owner and managing member of the Sports Property. "On behalf of my partner, Brad Yonover, and our staff that has worked so hard on this project, we thank everyone throughout the community - and in particular the City of Phoenix - for their tremendous support along the way. Unfortunately, current economic turmoil and the impact it has had on our sponsors precludes us from being able to produce the caliber of event we had envisioned."

Jensen said that the decision to cancel the Phoenix event had no effect on the season-opening race for 2008 in the Champ Car circuit, scheduled for April 4-6 in Las Vegas. The Sports Property also promotes the Las Vegas race.

The cancellation decreases the number of 2007 Champ Car World Series events to 15. There will be no more races in the United States this year. The next event will be this Sunday in Assen, The Netherlands.