Well, this is interesting.
Andretti Green Promotions, LLC announced today it has signed a letter of intent to purchase the assets of the Grand Prix Association of Toronto Corp.
The letter, which is dated March 14, 2008, runs through a period ending on April 30, 2008.
Andretti Green Promotions, the wholly-owned subsidiary of Andretti Green Racing, will begin a process of due diligence immediately to determine if it will proceed to the next step, which would be to enter into a purchase agreement with the Grand Prix Association of Toronto.
The Grand Prix Association of Toronto owns and operates the Grand Prix of Toronto, which has been a mainstay in the North American Indy racing landscape since 1986 and also saw events in 1977 and 1978.
While many of you may know that Andretti Green Promotions is responsible for putting on the IRL shindig on the streets of St Petersburg, you may not know who comprises Grand Prix Association of Toronto. I believe that association would include Mr Kalkhoven and Mr Forsythe, two names you you have seen more than a few times in recent weeks.
Is this a case of selling a less-than profitable event to pay some other bills or is it simply another form of divesture from open-wheel racing by the former "leadership" of Champ Car? Hey, I don't know - I'm just a blogger.
What I do know is if Andretti Green Promotions agrees to purchase those assets then you can pretty much bank that the event will be on the 2009 docket. That would bring us that much closer to that 50-50, twisty-oval schedule we keep hearing about.
Conquest Racing, Grand Prix of Toronto...what league is this again?
UPDATE: pressdog reports on the streptoroadacoccus outbreak.
This Could Be a Real Shot in the Arm
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Nowadays, whenever I discuss IndyCar marketing – I do so with caution.
After writing a post last summer that called into question some of the
marketing eff...
1 day ago
With CCWS in bankruptcy, I wonder if AGP is getting the event on the cheap. Its a way for CCWS to divest itself of assets, yet still retain a way of being a part of the event. If the deal goes through, I expect that Honda will be the event sponsor as they are with St. Petersburg, and that it will be promoted to the nines!
I don't think they'll try to go after Honda too much. I actually think that it'd be best for them to go for a big Canadian-based sponsor; I believe that the fans would take that as a sign that AGP cares for this race.
T.O. is a major banking city in North America; maybe one of the big banks there is feeling keen on a marketing opportunity? I know BMO (Bank of Montreal; moved to Toronto in the 70s) sponsors the stadium for the city's MLS team...how about them or TD?
It's a REVERSE ASSIMILATION. Champ Car just pretended to be acquired, but they're carrying the CART II virus that will eventually take over the IndyCar Series and make it into Champ Car 2. BRILLIANT. Toronto is a fab place and Ricky Bobby won the race there last year, but more road races? Good thing I have DVR to record it when I nod off.
'Dog,
More street races = more chances for you to throw out the "Festival of Carbon Fiber" line.
See, it all works out in the end.
:^)
I remember Toronto as being a fun event, at least on TV, and maybe Molson can be lured back now that there's some promise of stability.
The Molson Indy Toronto and the Gran Premio Tecate (by whatever name they each actually appear) are both going to have to be in the series going forward from 2009, to bring those sponsorship markets into play.
I really hope the Toronto GP doesn't return.
it is an awful track !!
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