AUGUST 17, 2006
A one-year deal for Indianapolis
The Formula 1 circus will return to Indianapolis in 2007 but there are no guarantees beyond that as Indianapolis Motor Speedway owner Tony George does not want to do a longer deal. George says that he wants a short term deal because F1 has too many unanswered questions because of the current political instability. With the Concorde Agreement coming to an end in December 2007 there will be big changes in 2008 but there is still discussion as to what these will be and George wants answers before committing IMS to a longer term deal.
George says that the long term intention is to retain an F1 race, which makes sense given the huge investment that George has made to get F1 to the facility.
Of the three big races at IMS, the Grand Prix does the most for the city as visitors to the race spend more money than do the IRL and NASCAR fans. Economic impact studies have put the value of an F1 race at more than $100m.
The city says it would be happy to help support the event but it seems that George is keen to keep his independence.
|Print News Story|