City officials said Friday after eight years, the Indy will not be hosted in Edmonton next year.

According to a release from the City of Edmonton, the 2012 Edmonton Indy race promoter Octane Motorsports Events Inc. has decided not to move forward with a 2013 race.

Lorna Rosen, the City of Edmonton’s Chief Financial Officer, said Octane Motorsports said the Edmonton event was just not profitable enough.

“The city has decided that it was a great eight-year run, but it’s probably time to call it quits… (but) it was a success from the perspective that it was well-run, it was a great event in itself,” she said.

Rosen also said that while it will save the city about $1.8 million in sponsorship, it could also mean Edmonton’s economy could lose between $50 million to $80 million in spinoff revenue.

Mayor Stephen Mandel said the news comes as a disappointment to fans in Edmonton.

“The 2012 Edmonton Indy was a great event both on and off the track. It, like previous races, brought economic benefits and international exposure to Edmonton,” he said in a statement.

“We appreciate the contribution of all our partners in making the event a positive experience for both residents and visitors.”

The first Edmonton Indy took place in 2005 under the Champ Car series banner.

Rosen said that it is difficult to gauge past attendance of the Indy, as ticket numbers are not released to the city.