Baltimore Grand Prix organizers are "awaiting a vote from shareholders on a proposed company takeover that would greatly dilute their ownership -- but could save" the Izod IndyCar Series race from bankruptcy, according to Luke Broadwater of the Baltimore SUN. Sources said that more than two-thirds of shareholders "have voted in favor of the plan in which former Goldman Sachs and Constellation Energy executive Felix J. Dawson would assume leadership of Baltimore Racing Development Inc." Under the plan, Wilkes Lane Capital, Dawson's investment firm, would give BRD $3.3M "and control 58 percent of the company." BRD is "facing more than $12 million in debt, with more than $5 million of that past due." Baltimore city officials have given the company until Saturday "to enter into a payment plan on approximately $1.9 million in unpaid taxes and other city obligations." Investor Sean Conley said, "It's going to be heavily diluted, but it's still better than zero. If (the race) goes on long enough, they'll recoup their money. ... There's no real alternative. No one wants bankruptcy." The Baltimore Grand Prix is included on the '12 IndyCar schedule, and IndyCar Senior Dir of Business Affairs Sarah Davis said that the inclusion of Baltimore "reflected optimism that the race would occur, not inside information about a pending restructuring" (Baltimore SUN, 12/23).
GOING INSIDE THE '12 INDYCAR SCHEDULE: In Cincinnati, Kevin Kelly noted Kentucky Speedway is not on the '12 IndyCar schedule, though an "eventual return isn't being ruled out." Kentucky Speedway GM Mark Simendinger said, "You never know what will happen. We had safe racing. We had great racing. So I think there's always an opportunity for them to come back. We'll just take it year-by-year and see what each year brings." Kelly noted the two parties "had been unable to reach an agreement to bring the series back as speedway officials pursued and landed a second NASCAR Nationwide Series race for next season. IndyCar had raced at the track since '00 (CINCINNATI ENQUIRER, 12/23). Meanwhile, in L.A., Louis Brewster noted Auto Club Speedway landed a Saturday night IndyCar race next year "after years of lobbying" by ACS President Gillian Zucker. While the race is the last one officially on the schedule, ACS officials "have not been told it's the season-finale," as there are indications the series "might add another race or two after the Fontana date" (L.A. DAILY NEWS, 12/23).
