At the end of 2006 the budget for the races was 500 million Euro for the following three years. In 2007 they overspent it by 110%.
The plan was to have sponsors in place at the end of three years similar to F1 so that it was self sustainable.
At the end of this period the plan was to have the then current pilots coaching/managing younger pilots into the race, and again running it similar to the F1 (plus specially designed race aircraft etc).
All this comes just after Chris Meyer publicly withdrew his support of the Air Race with his MX Aircraft.
Draw your own conclusions.