Baltimore finds new promotrtd for Baltimore Grand Prix (bankrupt, to move)

[rsh56]

City finds new promoters for Baltimore Grand Prix

[Jermaine88]

[K-Luv]

The Grand Prix was a good event that many people and businesses enjoyed. You can blame the "failure" of the past Grand Prix on the City, Rawlings-Blake, or who-ever you want but at the end of the day it was the promoters who failed to pay what they owed. And what can you do about that except for maybe taking the promoters to court?

There was plenty of enthusiasm for this last Grand Prix to indicate it could be a popular event in the future as well.

[KLynch10]

This group looks pretty legit. A guy that runs other races, and a 43 year old who has already been a Constellation exec. Look forward to it!

[rsh56]

Man I suck at typing.

[are you kidinme?]

Originally Posted by KLynch10

This group looks pretty legit. A guy that runs other races, and a 43 year old who has already been a Constellation exec. Look forward to it!

Yeah, this will work.

Baltimore inks new contract with Downforce Racing for 2012 Baltimore Grand Prix

Joining him will also be two former Constellation Energy executives. One of them, Felix Dawson, invested $300,000 weeks before the 2011 race. Also Daniel Reck who worked with Dawson at Constellation. He was also a vice president at the energy company Enron, which went bankrupt back in 2001 in a spectacular fashion. (I mean really? Who thinks it's a good idea to have this guy onboard?)
The Baltimore Racing Development, the original company that put on the Grand Prix, ran into financial issues. They were not able to payback millions of dollars owed to vendors, Baltimore city, and the state of Maryland. (Around $12 million is owed in total and $1.5 million is owed to the city and state.) Most are not expected to get any money back. The company went belly-up and the original five year contract with the Baltimore Racing Development was axed, leaving a vacancy for another company to step in.
It is important to note that this new deal doesn't require Downforce Racing to help pay off any of the debt owed by Baltimore Racing Development. There are no stipulations for the new developer to even attempt to help those vendors recoup any cash. This puts into question Downforce's ability to work with vendors they may not be able to payinfull, before the race.

[Cruzincat]

I heard they were going to move it to the ICC. They won't even need to block the entrances to keep other cars off the road. They'll just raise the tolls to $10 for the day.