The IndyCar racing league said an apparent decision by a promoter to cancel the season-opening race scheduled for March 8 in Brazil had left it stunned and disappointed.

US media reported the race was cancelled because a major financial backer had pulled out of the event.

“IndyCar had received every indication that the race was already a success,” IndyCar said in a statement on Thursday night.

The Brazilian channel Band TV released a statement earlier on Thursday saying the Brasilia Indy 300 race was off.

IndyCar said it was still awaiting word from its partners in Brazil but that it had insurance in case something like this happened.

“Today’s announcement by Band that the March 8 IndyCar race in Brasilia was cancelled was both unexpected and disappointing,” IndyCar said.

“IndyCar had received every indication that the race was already a success: Two-thirds of the seats available for the event had already been sold; a title sponsor for the event (ITAIPAVA) was announced yesterday; hospitality was sold out; and track construction was progressing and scheduled to be complete in time for the event.

“Although we have not received formal confirmation from our partners in Brazil regarding the cancellation, economically, IndyCar is protected and the paddock is protected from such action.”

US media reported the race was scrapped because a major financial backer had pulled out of the event.

Three-time Indianapolis 500 champion Helio Castroneves of Brazil tweeted he was hoping something could be worked out.

“I feel terrible special for the fans that Brazil race was announced today it was cancelled,” Castroneves wrote on Twitter. “I hope and trust in a quick solution in this case.”

The second race on the calendar is scheduled for March 29 at St Petersburg in Florida.