Montreal jazz fest loses top sponsor amid economic turmoil

The Montreal International Jazz Festival is falling victim to the global economic slowdown.

The festival's main sponsor, General Motors, has decided not to renew its five-year sponsorship contract, which expires at the end of next year.

'People should not be worried about the future of the international jazz festival.' Alain Simard, festival founder andpresident

GM spokesperson Isabelle Perras said next summer will be the end of the financial relationship between the carmaker and the festival.

"General Motors won't be a sponsor of the jazz festival anymore after the 30th anniversary of the jazz festival in 2009," Perras said.

The festival's founder and president, Alain Simard, said he expected this might happen, given the state of the world economy and the carmaker's financial problems.

He said he's confident the festival will be able to find another principal sponsor in time for 2010. He would not say how much the GM contract was worth.

"No, it's not a catastrophe," said Simard. "People shouldn't be worried about the future of the international jazz festival."