Jensen has advised finance minister Kristian Jensen and entrepreneur Helge Sander, the primary backer of the project, not to take plans any further.

“I am asking for it to be stopped now. That means that I have told my colleagues in the small minority (of supporters) that I have, that this is my view. They have taken it into account,” Jensen told newspaper Politiken on Friday.

The plans to bring the event to Copenhagen, which last year saw details released of a potential track in the streets of the city, was too high-risk to continue with, Jensen said.

“I went into this positively and have openly assessed whether it would be possible to bring Formula 1 to Denmark and Copenhagen for a three-year period. As things have progressed, it has become clear that there are high expectations regarding public funding for the motor race,” he said.

“The narrow majority I had at Copenhagen City Hall supporting this project has always maintained that it must not cost the municipality money,” he continued.

The lord mayor also said he felt that the project had not had a unifying effect in the city.

Finance minister Kristian Jensen had also set requirements for the project including overall political support from the municipality, which was found to be lacking.

The plan, which was headed by former MP Sander and millionaire Lars Seier Christensen had an estimated minimum investment of 300 million kroner (40.3 million euros).

It could have seen drivers Lewis Hamilton, Sebastian Vettel and company racing in Copenhagen in 2020, 2021 and 2022.

But doubt emerged earlier this year over the viability of the plan, with disagreements between the city's municipality and the government over funding.

READ ALSO: Copenhagen Formula 1 plan in doubt over municipal financing