BUENOS AIRES The Argentine Grand Prix, provisionally scheduled for March 28, will not be held this year, the Argentine Ministry of Sport said in a statement. The race organizers failed to reach agreement with Formula One supremo Bernie Ecclestone on financial matters, opening the possibility that a replacement race could be scheduled in China, which is on standby. The cancelation of the race was confirmed by Ecclestone's special envoy, Patrick McNally, who said the Argentine event was not financially viable.

The 1999 Formula One season begins with the Australian Grand Prix in Melbourne on March 7. (AFP)