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, 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.
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 and chief executive officer, 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."