Deadline in Toronto

Posted by Iannucci | 4/30/2008 | 8 comments »
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The Andretti Green Promotions letter of intent for purchasing the rights to promote the Toronto Grand Prix expires today, and as you may have noticed this sale has not yet occurred. Reports indicate the race has been too much of a money loser and the prospective buyers want the city to lend a fiscal hand. Just how much of a loss and how much assistance vary depending on your source.

According to Sun Media, Andretti Green Promotions has discovered that the event has been running a $2-million deficit and before they sign off on the deal, they want someone to step in and cover that shortfall.TSN

With the Toronto race losing in excess of $4-million a year, according to sources, a key issue is how much of the shortfall would be covered by Andretti Green and how much by the provincial government and Tourism Toronto, both with a financial stake in a three-day event that generates $50-million for the local economy.Globe and Mail

However, the group is said to be concerned about a $2 million loss the event is said to have suffered in each of the past three or four years.
He (Toronto Councillor Joe Pantalone) wouldn't provide any figures on the value of cash and services the city has offered. However, an informed source said the city had been asked to contribute $500,000.
Toronto Star

This may be a stupid question, but if a longstanding race such as this is losing that much money then does it really need to happen? I mean, I feel for the Canadians out there who already feel smitten that without Paul Tracy their lone representative is Marty Roth (who by the way has a big fan in Jack Arute). It's just that racing is a business with the intent to make money, and if the tickets aren't selling then maybe it isn't meant to be.

UPDATE: The Globe & Mail reports the deadline "has been extended for a brief period, a source confirmed yesterday." I guess deadlines aren't as dead as they used to be.

8 comments

  1. Grizzlor // April 30, 2008 10:48 AM  

    The race was not profitable because Molson backed out and they had no sponsors. I can't imagine that with one series, they couldn't attract sponsors back. However, you need some Canadians to do so, and the IRL currently has one that no one has ever heard of, Marty Roth. If they don't have Paul Tracy, Tagliani, or another Canadian like Hinchliffe maybe, don't even bother in 2009.

  2. John in Speedway // April 30, 2008 7:57 PM  
    This comment has been removed by the author.
  3. John in Speedway // April 30, 2008 8:05 PM  

    Just wanted to comment on Ed Carpenter's fine. I think Ed should not have been fined. This kind of behavior needs to be encouraged. At least for a few years. This behavior provides drama and entertainment, and makes me excited to hear an interview with Ed. I want to hear drama, and controversial language. We are not N-WORD and we don't need to start penalizing people for showing true honesty and emotion. Just throw a little "Viewer/listener Discretion Advised" disclaimer, and this could be the ticket to catching up with N-WORD from a viewership and sponsorship standpoint. Once we overtake N-WORD, then we are in a position to start enforcing poultry rules such as language infractions. I think a huge population of people use "language infractions" in everday language, and can relate to that sort of thing. I know I do, unless I'm at work in front of certain people. It's obvious that other cultures internationally do not place such a cultural burden on certain words in our language or their own. This is an international series, and this is the greatest series in the world...right? Let's ease off on the ticky-tack fouls for now. Let us entertain and boost the ratings before we consider turning into a Pop Culture Commercial Driven Entity that is called N-WORD. Let's stay true to what racing is supposed to be. Have you ever reached speeds of 230 in your vehicle? If you ever did, wouldn't the first thing that you say be "HOLY SH*T. F*CK YES THAT WAS AWESOME." Just think about it in sarcastic, yet serious way. I'm all for it!

  4. Anonymous // May 01, 2008 1:02 AM  

    John In Speedway : You may like profanity but Most of us IndyCar fan DO NOT.

    We DO NOT need young fans hearing those words.

  5. SandWedge // May 01, 2008 7:48 AM  

    because if you didn't know John, all kids are equipped with internal C4 with an audio trigger set to those fineable words...

  6. John in Speedway // May 01, 2008 8:00 PM  

    Sandwedge, thank you for getting the sarcasm.

  7. Anonymous // May 01, 2008 11:30 PM  

    NO MORE STREET RACES por favor !!!!!!!

  8. mmack // May 02, 2008 6:57 AM  

    Anon,

    That would be "No More Street Races, Please!/Non Plus de courses de rue, S'il Vous Plaît !"

    It IS Canada, eh? :^)