SBD/December 26, 2013/Leagues and Governing Bodies

IndyCar Seeking Just Under $10M From Brazilian Race Promoter

The IndyCar Series has "filed a lawsuit against Radio e Televisao Bandeirantes Ltda., the promoter of an IndyCar race in Sao Paulo, Brazil, seeking to recover a seven-figure sanctioning fee that was due this summer," according to Anthony Schoettle of the INDIANAPOLIS BUSINESS JOURNAL. Despite "troubles with the promoter, IndyCar officials haven’t given up on returning the series to Brazil." Though the lawsuit "doesn’t reveal how much IndyCar is seeking and series officials are not commenting, a source familiar with the sanctioning agreement said IndyCar is seeking" just under $10M for the annual sanctioning fee. The Sao Paulo race brings in about $2M in "annual profit" for IndyCar and would be a "painful loss for the open-wheel circuit, which hasn’t yet turned a profit in its 18-year existence." A source said that the Sao Paulo race is the "second-most-profitable event" for IndyCar, behind only the Indianapolis 500. Hulman & Co. CEO Mark Miles is "still holding out hope the event can be held" in '15 if not in '14 (IBJ.com, 12/21).
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