IndyCar Calls For Baltimore Grand Prix Organizer To Restructure, Pay Debts
IndyCar joined Baltimore city officials Thursday in "demanding change at the financially embattled company that runs the Baltimore Grand Prix, characterizing it as disorganized and calling for a restructuring as it addresses unpaid debt," according to Luke Broadwater of the Baltimore SUN. Baltimore Racing Development has been "sued by a number of vendors and lenders alleging that the organizers have nearly $1.6 million in unpaid bills." Revelations about the extent of BRD's debt "have raised doubts about the company's ability to deliver on promises to bring the race back to the city next year, and have prompted calls for the company to right its finances and make internal improvements." IndyCar Series Commercial Division President Terry Angstadt "expressed confidence Thursday that Baltimore Racing Development would be able to put on the Grand Prix again." He said that the company "needs to be restructured but added that he knows changes are forthcoming, if not public yet." BRD COO Pete Collier said that Jay Davidson "would stay on as CEO but that his duties may change." Angstadt said, "I don't want to suggest this is a rose garden. I'm pretty optimistic they're going to right their ship and we're going to have a race there next year." BRD officials have "long said they never expected to turn a profit in their first year." Collier said this week that the company "has received bills from 210 contractors involved with the race and paid back a 'pretty fair percentage' of them." He "vowed to make good on missed payments" (Baltimore SUN, 11/4).