Andretti Green Promotions Signs Letter of Intent to Purchase Grand Prix of Toronto Assets
INDIANAPOLIS, Ind. (March 18, 2008) – Andretti Green Promotions, LLC announced today it has signed a letter of intent to purchase the assets of the Grand Prix Association of Toronto Corp.
The letter, which is dated March 14, 2008, runs through a period ending on April 30, 2008. Andretti Green Promotions, the wholly-owned subsidiary of Andretti Green Racing, will begin a process of due diligence immediately to determine if it will proceed to the next step, which would be to enter into a purchase agreement with the Grand Prix Association of Toronto.
The terms of the letter of intent will not be disclosed.
The Grand Prix Association of Toronto owns and operates the Grand Prix of Toronto, which has been a mainstay in the North American Indy racing landscape since 1986 and also saw events in 1977 and 1978.
Andretti, who also co-owns Andretti Green Racing with Kim Green and Kevin Savoree, ended his driving career following last year’s Indianapolis 500, but not before winning 42 races – seven of which came in Toronto. Team Green, the predecessor to Andretti Green Racing, captured two Toronto wins, one with driver Dario Franchitti in 1999 and another with Andretti behind the wheel in 2001.
Andretti Green Promotions has been operating since 2004 when it announced it would stage the Indy Racing League’s first non-oval event ever on April 3, 2005. Since then, the Honda Grand Prix of St. Petersburg has become a cornerstone of the IndyCar Series, Indy Pro Series and American Le Mans Series schedules.
The fourth-annual Honda Grand Prix will take place April 4-6, 2008, and will again feature two Indy Pro Series races, the Acura Sports Car Challenge ALMS race and the Honda Indy St. Pete IndyCar Series event.
Andretti Green Racing, based in Indianapolis, Ind., was founded in 2002 and stands as the winningest team in IndyCar Series history. The team has 32 IndyCar Series wins, four Indy Pro Series victories and three IndyCar Series championships to its credit (2004, 2005 and 2007). Andretti Green has won the Indianapolis 500 twice, as well, in 2005 and 2007. In addition to its Indy Racing League program, Andretti Green expanded into the American Le Mans Series with Acura in 2007 with and made an immediate impact, capturing an historic class win at the Mobil 1 Twelve Hours of Sebring.
Michael Andretti, chairman, Andretti Green Racing:
“Toronto is a place that I have always loved. It’s a great racetrack and a great venue. Racing there was always the highlight of my year and it’s exciting to think that we’re exploring the possibility of owning the event. I was fortunate enough to win there seven times as a driver and all of those wins were special. If we were able to put a deal together to own and operate an event in Toronto, I would certainly count that as another win there, for sure.”
Kevin Savoree, president and chief operating officer, Andretti Green Racing;
managing director, Andretti Green Promotions:
“This is an exciting first step in the process. Having the letter of intent in place allows Andretti Green Promotions a chance to look at all the opportunities that exist in Toronto and evaluate its future. There is a great deal of due diligence to complete and a lot of hours in front of us, but we’re looking forward to getting started. Toronto has always been one of the true signature events in Indy racing and Mike, Kim and I are looking forward to exploring our options there.”
Charlie Johnstone, president & ceo, Grand Prix of Toronto:
“The expressed interest by Andretti Green Promotions to own the Grand Prix of Toronto speaks volumes to the stature this event maintains in open wheel racing in North America. We look forward to working with Michael, Kim, Kevin and their team over the course of the next several weeks to pull this off.”
*Keeps fingers crossed for resurrection of home event*