Efforts to right the ship for the Baltimore Grand Prix face an even bigger financial challenge than anticipated, according to a report by the Baltimore Sun newspaper.
The organizers of the IndyCar and American Le Mans Series race are facing more than $12 million in debt and have less than $100,000 in cash on hand, according to the report, with more than $5 million of the debt – including taxes owed to Baltimore and payments to vendors – being past due.
A spokesman for Baltimore Mayor Stephanie Rawlings-Blake said the group has until the end of this month to turn over an audit of its books to the city. If the company does not pay its taxes to the city by Dec. 31, Rawlings-Blake has threatened to sever the company's five-year contract for the event.
"They need to pay the taxpayers back," the spokesman told the Sun.