The Championships began in 2003 and more than 90 races have been staged, but with gaps appearing in this campaign's schedule, the Austrian company has taken the decision to scrap the series.

In a brief statement, Red Bull said: "The Red Bull Air Race provided sports entertainment of [the] highest quality but did not attract the level of outside interest as many other Red Bull events across the world.

"Red Bull thanks the pilots, their teams, partners and host cities as well as the Red Bull employees for all they have done to make these enjoyable and memorable events."

When the 2019 calendar was announced in January, there were eight scheduled events, including races set for Indianapolis Motor Speedway (IMS) in the United States from October 19 to 20, with additional dates in Europe and Asia "to be announced".

Motor Speedway President Douglas Boles said he had only been informed of the decision on Wednesday.

He said: “We are disappointed that we will not host another Red Bull Air Race event and I know many of our fans will be disappointed as well. 

"Customers who already purchased tickets to this year’s event will receive refunds.

"They will receive an email later today with information on that process.”

The Air Race Championships saw pilots compete in high-speed flying at low altitude with extreme manoeuvres.

An event took place in Abu Dhabi in February and races in Kazan, Russia (June 15 to 16), Lake Balaton, Hungary (July 13 to 14)  and Chiba, Japan (September 7 to 8), will go ahead as planned.