Baltimore Grand Prix organizers seek to raise $1.5M
Baltimore Grand Prix organizers are looking to raise $1.5 million from current investors as they ramp up preparations for the racing event’s second year in 2012.
Baltimore Racing Development LLC has already raised $423,000 for the offering, according to a Sept. 16 Form D filing with the Securities and Exchange Commission.
Investors in the event's first year listed on Baltimore Racing Development's newest filing include Baltimore Grand Prix CEO Jay Davidson and Peter J. Collier, chief operating officer. Walker Mygatt, a managing director at Constellation Energy Group Inc. Constellation Energy Group Inc. Latest from The Business Journals Thayer to become CFO of Exelon after Constellation mergerBaltimore-area businesses still on the mend 10 years after 9/11Constellation aims to make solar panel program affordable for homeowners Follow this company , David Rather, owner of Mother's Federal Hill Grille, and Kenneth Banks, president of Baltimore's Banks Contracting Co., are also listed.
The Baltimore Grand Prix is scheduled to run through 2015, under terms of a five-year contract between the city and IndyCar.
In its first year, organizers said the Sept. 2-4 event sold more than 110,000 tickets, and in all, the total number of spectators neared 160,000.
The race drove downtown hotels to earn 53 percent more in a three-day period than they did Labor Day weekend in 2010, according to data from Nashville, Tenn.-based Smith Travel Research. But as previously reported in the Business Journal, occupancy rates at downtown hotels failed to meet high expectations.
The filing for the new offering said that $200,000 from the proceeds will be used to pay for salaries.
Davidson could not be reached for immediate comment. Baltimore Business Journal