Grand Prix's estimated economic impact on Cleveland totals $24.5 million Cleveland -- September 14, 1999 -- Cleveland Mayor Michael R. White was pleased to learn today that there will be a Championship Auto Racing Teams (CART) race in Cleveland...
Grand Prix's estimated economic impact on Cleveland totals $24.5 million
Cleveland -- September 14, 1999 -- Cleveland Mayor Michael R. White was pleased to learn today that there will be a Championship Auto Racing Teams (CART) race in Cleveland next summer. Mayor White confirmed that IMG Motorsports and CART have reached an agreement for CART's FedEx Championship Series to return to race in Cleveland beginning with the 2000 season.
"Drivers, start your engines, and racing fans take your seats. CART will be back in Cleveland next summer and for many years to follow," said Mayor White. "Bud Stanner, President of IMG Motorsports, and Andrew Craig, Chairman and CEO of CART, at my request, worked very hard last week and over the weekend to reach a three-year agreement. I am very pleased that the parties went back to the table and inked this deal. This is great news for the City of Cleveland, CART and racing's most loyal fans."
Based on reports earlier this month of a potential merger between CART and the Indy Racing League (IRL) and concerns about pavement changes required to the airfield at Burke Lakefront Airport, Mayor White withdrew his support of an IRL sanctioned race. They Mayor contacted IMG Motorsports and asked them to negotiate with CART to bring the race back to Cleveland.
CART and IMG jointly announced on June 29, 1999 that the Champ Car series would not be returning to Cleveland because the two could not come to an agreement on financial terms to extend the contract. However, following further discussion between CART and IMG representatives, an agreement has been reached. The new contract specifies that CART will bring its open-wheel series to Cleveland through 2002.
The date of the race will be July 9 and will be formally announced as a part of the 2000 CART schedule, which is currently being formulated.