Molson pulls out of Toronto Champ Car event

The rumour mill predicted this. Marketing Magazine confirmed it today.

"The Molson Grand Prix of Toronto is no more. The race will live on, but under a new name with Molson opting not to renew its title sponsorship of the Champ Car race in 2007, though it remains the beer sponsor for the event.
“For the first time in 21 years it won’t be the Molson Grand Prix of Toronto, it will be the ‘XYZ’ Grand Prix of Toronto,” confirmed Charlie Johnstone, president and CEO of the Grand Prix Association of Toronto, which manages the event.
From its inception in 1986 through to 2005 the race was owned by Molson Sports and Entertainment and called the Molson Indy. Molson sold the race to the Champ Car in 2005 but stayed on as title sponsor for the renamed Molson Grand Prix of Toronto in 2006.
Johnstone said the association has been considering the possibility Molson may pull out for months, but just received official word last week.
And while he would not provide a specific reason for the decision, he said it was a strategic move on Molson’s part that had nothing to do with the health of the event. Last November Molson Canada also dropped its title sponsorship of the Champ Car race in Montreal..."