Andretti Signs Letter Of Intent To Purchase Toronto Race
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Andretti Looking To Acquire Assets
Of Grand Prix Association Of Toronto |
IRL driver Michael Andretti last Friday "signed a letter of intent to purchase the assets of the Grand Prix Association of Toronto," according to the CP. Andretti, who co-owns IRL team Andretti Green Racing with Kim Green and Kevin Savoree, said in a statement, "Toronto is a place that I have always loved. It's a great racetrack and a great venue. Racing there was always the highlight of my year and it's exciting to think that we're exploring the possibility of owning the event." The letter of intent will "run through a period ending on April 30." Terms of the deal were not released. Andretti Green Racing will begin a process to "determine whether it will proceed to the next step, which would be to enter into a purchase agreement with the Grand Prix Association of Toronto." Toronto race organizers this month announced the '08 Grand Prix of Toronto "would be cancelled" due to the IRL-Champ Car World Series unification (CP, 3/19).
BACK ON SCHEDULE: In Toronto, Rick Matsumoto writes Toronto "had been mentioned prominently as likely to be added to the IndyCar schedule for next season," and if Andretti and his partners are successful, it would "almost be a certainty." Grand Prix of Toronto President & CEO Charlie Johnstone said the interest from Andretti and his group "speaks volumes to the stature this event maintains." The Toronto event is owned by former Champ Car co-Owners Kevin Kalkhoven and Gerry Forsythe (TORONTO STAR, 3/19). Toronto-based driver Paul Tracy praised Andretti as a "saviour" for the race. Tracy: "The Andretti name means a lot in open-wheel racing and that alone should guarantee the future of the Toronto race" (TORONTO SUN, 3/19).
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