Business owners along Montreal's famed Crescent Street blame F1 boss Bernie Ecclestone's greed – and not the failed efforts by government officials – for losing the Grand Prix.

Restaurateurs and shopkeepers said the event's absence next June will hurt financially, but they applaud federal, provincial and municipal negotiators for not caving to Ecclestone's unreasonable financial demands.

The F1 boss demanded $175 million over the next five years to keep the Grand Prix in Montreal.

Government officials offered $110 million over five years, plus a cut of annual profits.

Ziggy's Pub owner Ziggy Eichenbaum said he can live with losing the race, given the world economic crisis, even if it means business will slump at his popular bar.

Losing the Grand Prix can't be blamed on Normand Legault, who used to head the event, said Montreal Mayor Gérald Tremblay.

Ecclestone cited difficulties he'd had with Legault as one of the reasons he refused Montreal's proposal to save the F1 event.

Legault was a responsible promoter who worked hard to keep the Grand Prix, and he did what he could, Tremblay said.

"When he looked at the business model, he said that I cannot continue in 2009, so all we can do is thank him for what he's done in the past decades, and hope that we find a solution," he said at a news conference Monday. "He is a great Montrealer, and he has our support in other ventures."

Tremblay said he intends to find other events to fill the $75 million hole in tourism revenues the Grand Prix would have generated.

Montreal is open to new ideas and event proposals, especially from private promoters, he said.

"I think that the city, the Quebec government, and the Canadian government can do certain things, but it's always better when we have a promoter from the private sector that strongly believes in an event, and can secure the realization of the event," Tremblay said.

"We're here to [work with] people who have good ideas."

One possibility is to expand Montreal's jazz and comedy festivals.