The endeavour had originally planned to see the new Formula One destination in operation for the 2010 season, yet despite strong public support coming from F1 CEO Bernie Ecclestone, no definite agreement could be reached with other parties in order to secure the necessary financial backing to bring the operation forward.

Spearheaded by former champion Alain Prost, the monetary structure estimated at 60 million euros was to be set in place by Lagardère Sports while Euro Disney supplied the land upon which the future circuit would have been built.

The chosen venue is situated about a half-hour away from the French capital and seemed to be the leading prospect in replacing the Magny-Cours track due to its closeness to Paris and its readily available hotel accommodations - a lacking feature at the former circuit, which is surrounded by fields and villages.

About 250 residents of Val-d'Europe protested last week-end against the project, citing noise pollution and the environmental effects the race would have on the area.

Disneyland Paris had replied that its intention was to save the French Grand Prix and took the opportunity to underline the economic downfall the event would bring, only to pull out of the project days later.

The Euro Disney plan was one of six aiming at finding a new site for the French round of the championship, and the only one capable of hosting a Grand Prix by 2010. With the cancellation of the 2009 event, France will most probably not host a Formula One race before 2011 at best.

Within a week, it is the second Formula One rescue plan to fail following Canada's withdrawal, also for economic reasons.