Toronto, Wednesday, March 5, 2008 - While the majority of motorsports enthusiasts continue to celebrate the unification of North American open-wheel racing under the Indy Racing League (IRL) banner, Toronto fans and businesses have much less to cheer about.
Grand Prix of Toronto CEO Charlie Johnstone confirmed today the 23rd edition of the race has been cancelled and that he now faces a critical period of negotiations to secure the event’s future in Toronto.
“We received an impressive show of support from IRL, Exhibition Place, drivers, local leaders such as Deputy Mayor Joe Pantalone and numerous partners,” said Mr. Johnstone.
“Unfortunately, we ran out of options and time for 2008. That doesn’t mean the future is bleak, but we’ll need concrete actions from our partners to solidify the event’s foundation and status as a marquee event in North American open-wheel racing.”
Johnstone now begins a critical phase of renewing contracts with the City of Toronto, IRL, sponsors and partners. While impressed by the broad-based support for the race, especially among the business and tourism industries, Johnstone acknowledges that’s not enough.
“We deeply appreciate the groundswell of support shown in recent weeks. Having a Toronto race is clearly important to numerous groups; but we must now coordinate our efforts with the city, province, IRL, sponsors and partners, sooner rather than later.”
Held annually since 1986, the Grand Prix of Toronto has become Ontario’s largest annual sporting event, attracting an average of 160,000 spectators on race weekend. The economic impact of the Grand Prix and the weeklong festivities surrounding it is a reported $50 million. More than $40 million of these expenditures are the result of initial attendance and Grand Prix operating expenses.
From Torchia Comm.
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