Baltimore GP Organizers Are Prepared To Lose Money On Second Iteration Of Labor Day Race

Last year's Grand Prix drew 160,000 spectators and organizers sold 110,000 tix Baltimore Grand Prix organizer Race On LLC said Tuesday that it is "prepared to lose money on the Labor Day weekend event, but pledged that no vendor or taxpayer would go unpaid," according to Luke Broadwater of the Baltimore SUN.

Grant Capital Management President & CEO J.P. Grant, who is heading Race On, said that he "hopes the group will turn a profit running a second race in 2013, but realizes that's unlikely this year." Grant said, "This is the first year of running a new business." Grant and Baltimore GP GM Timothy Mayer, of Andretti Sports Marketing, said that the group "plans to launch a marketing campaign" on Sunday.

Last year's race "drew 160,000 spectators to the Inner Harbor, and organizers sold 110,000 tickets — numbers Grant says he'd be glad to hit." Grant said, "If we hit the attendance numbers we hit last year, that's a grand slam. If we're sort of close, that's fine." He said that he was "willing to underwrite early losses."

Tickets "went on sale in late May, though the men declined to say how many have been sold thus far." Mayer said, "We are where we need to be. We are comfortable with where we are now."

Mayer said that the prospects "also did not look good for securing a title sponsor for this year's event, but the group was prepared to put on the race without one." Grant and Mayer said that they "did not plan to make the race's financial books public, though they said they would provide reports to the city."

The Maryland Stadium Authority on Tuesday "approved two deals with the group: one for rental of warehouse space at Camden Yards and another for parking lots for the event" Baltimore SUN