The Detroit Belle Isle Grand Prix has been canceled because of economic problems in Michigan and the country, the latest setback in the sport rocked by sponsorship woes and a series of cutbacks and layoffs.

Event chairman Bud Denker told the Detroit Free Press on Thursday that the race was canceled after talks with city and state officials, sponsors and the Indy Racing League.

Set for Sept. 4-6, the event also included American Le Mans Series and SCCA Speed World Challenge races.

"Considering the tough times we're all experiencing, we just couldn't ask the parties to give, and give more," Denker told the Free Press.