Baltimore’s Grand Prix, an IndyCar Series race, is in great jeopardy when the city terminated its contact with the organizers of the race. The city has been warning Baltimore Racing Development that they would terminate its five-year contract if BRD failed to pay the $1.5 million owed to the city by the end of 2011.
Now it’s 2012 and BRD hasn’t paid up, forcing Baltimore to pull the plug, opening the door to others interested in continuing the race in future years. BRD was responsible for organizing the Baltimore Grand Prix and their duties ranged from bringing the fencing to line the course to selling sponsorships and tickets to the event.
The Mayor of Baltimore, Stephanie Rawlings-Blake, had hoped that the BRD would restructure in order to pay their debts before the end of the year as the Grand Prix had generated $47 million in economic impact for Baltimore. ”The event, if conducted responsibly, has significant economic value to potential investors and the City this year and in future years,” said Rawlings-Blake.
BRD currently has almost $600,000 in unpaid taxes along with lawsuits from investors and vendors.