After accruing mounting financial debts, the Baltimore Grand Prix will have a new promoter for future events. The city ended its planned five-year contract with Baltimore Racing Development on Friday.
The race drew rave reviews from those who attended with more than 100,000 people coming to the inaugural event in Baltimore's Inner Harbor over the course of the weekend, but since the race ended, has been littered in a sea of red ink.
According to The Baltimore Sun, BRD owes the city more than $1.5 million in taxes and fees as part of a total $12 million in debt.
"BRD hasn't come up with a plan to demonstrate that they have the capacity to have a successful event next year," Kaliope Parthemos, the deputy mayor for economic development, told the Sun. "They haven't come up with a plan to reorganize. They haven't come up with a plan to pay their debts."
The likeliest individual to take over control of promotion is Felix J. Dawson, who would be leader of the group - although whether the new group would declare bankruptcy and pay the necessary people is still up for debate.
At the moment, the 2012 IZOD IndyCar Series schedule features 15 races with Baltimore slated for Sept. 1-2 on Labor Day weekend. IndyCar CEO Randy Bernard has said up to 17 races are possible, but the chances of that would all but certainly diminish if Baltimore cannot meet its financial obligations.