MONTREAL -- Montreal's Formula 1 Grand Prix race has been postponed, organizers announced Tuesday.

The race and its practice runs had been scheduled to take place June 12-14 in Montreal, and would have been the first race on the 2020 Formula 1 calendar

"This postponement was not a decision that was taken lightly or easily," organizers said in a statement issued Tuesday afternoon. "Over the past month, we have been in constant communication with Formula 1 and representatives from the city of Montreal, Tourism Montreal and both provincial and federal governments.

"We have heard the directives issued by public health officials and as a direct result of the COVID-19 pandemic are following the expert guidance provided by the authorities."

Organizers have not announced a new date, but are asking people to hold on to their tickets and will be provided with their options at that time.

"We will welcome you with open arms at Circuit Gilles-Villeneuve as soon as it is safe to do so," Francois Dumontier, president and CEO of the Formula 1 Canadian Grand Prix, said in the statement.

As recently as last week, Montreal Grand Prix organizers were taking a wait-and-see approach as to the fate of the 2020 event, even as several major Montreal events announced cancellations and postponements.

The Montreal Grand Prix - the only Canadian stop on the Formula 1 circuit - brings in tens of thousands of tourists and generates millions of dollars in economic spinoffs every summer.