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CANADIAN GRAND PRIX EVENT POSSIBLY CANCELLED FOR 2004

The Canadian Grand Prix racing event for 2004 has been cancelled. Normand Legault, chairman and CEO of Grand Prix F1 of Canada, said he received a letter from Formula One officials citing the Canadian government's ban on tobacco advertising as the reason for the cancellation. The regulations, which will go into effect later this year, prohibit tobacco companies from sponsoring sports events. However, according to media reports, Bernie Ecclestone of Formula One is denying that the event has been cancelled, saysing decisions regarding next year's calendar have yet to be made. Canada has been on the Formula 1 calendar since the 1960s.

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