Champ Car eyes new street race

UPDATE American Racing Capital, Inc. and Joe Mattioli III, senior managing partner of AMRA subsidiary, Motorsports & Entertainment of Tennessee, operators of the Music City Motorplex have announced the proposed running of a ChampCar race in downtown Nashville. A race course has already been designed that would utilize LP Field's parking lots and surrounding streets. LP Field is home to the Tennessee Titans and the property is under the control of the Nashville Sports Authority. The temporary street circuit would have to be approved soon by the Sports Authority and Metro Government to become a reality for the 2009 racing season and beyond. Besides their NFL games, LP Field is used to hosting other big events such as the CMA Music Festival, and the Country Music Marathon. Music City Motorplex President Joe Mattioli, who is helping to spearhead the project, said such an undertaking is a commitment of time and resources familiar to him. His company has provided event management for similar events at Pocono International Raceway and the Grand Prix of Washington D.C. held on the streets and parking lots of RFK Stadium. Mattioli conceded that construction for such a racing event on the streets of Nashville is not insurmountable and that other cities hosting racing events have successfully worked around such distractions. "Consider this, in Las Vegas where they had an event last year on the city streets, were able to do what was needed and kept venues open," Mattioli said. "The major interference is the three days of the event."

Bob Koveleski, President of American Racing Capital, said, "Having Nashville host a ChampCar event on a yearly basis could add another feather to the city's cap. ChampCar races are world-class events which bring people in from all over the globe. Both in-house and independent studies show these people spend lots of money in hotels, restaurants and tourist attractions. It is the equivalent of a SuperBowl and therefore an incredible boost to the local economy." One of the more familiar street races, the Long Beach Grand Prix which is celebrating its 34th year (http://www.gplb.com), is a tremendous catalyst for the local economy, generating more than $30 million in direct economic impact and $150 million more in indirect economic impact. The ChampCar series race in the USA, Canada and Europe.

About American Racing Capital, Inc.

American Racing Capital, Inc. is a company specializing in motorsports and its strategy is to focus on several aspects of this industry. Through its subsidiaries, American Racing Capital, Inc. intends to: Acquire financial interests at several well established auto racing facilities, Establish race management contracts at existing facilities and newly proposed facilities, Engage in the re-design, and development of our wholly owned race tracks, Find and acquire companies to compliment our other holdings. The Company's business also includes sponsorship activation services, which are highly specialized promotional services in this industry. American Racing Capital, Inc. helps companies develop and build brand reputation using motorsports as revenue-generating opportunities.

11/20/07 Champ Car World Series, an open-wheel racing organization, has sent a letter of interest to Nashville racing officials indicating its desire to bring a road-course race to the city starting in 2009.

Norm Partin, the general manager of the Music City Motorplex, confirmed the city's receipt of the letter. The proposed race would start and finish near LP Field and cover a route that includes crossing the Gateway Bridge before looping back toward the stadium.

"Champ Car officials came here in January and loved the city," Partin said. "We've made steady progress in our conversations and received positive responses."

Partin said the city would be required to pay a sanctioning fee of about $2 million to Champ, but in turn the race would generate a direct impact of an estimated $30 million for the city. He also said the race would be an annual event and likely held in May as a week-long festival to also include golf tournaments, concerts and perhaps a celebrity race.

"People at the main grandstand would be able to see about 80 percent of the course, which on a road course doesn't happen often," Partin said of the proposed main event. "You'd also be crossing a river, which also doesn't happen often."

Nashville Sports Council President and CEO Scott Ramsey said it was too early to know if the race will become a reality for Nashville. Ramsey said that Motorplex racing officials are evaluating the bid as well as the feasibility of holding the race.