Geoff Whaling, CEO of North American Motorsport Events Inc., provided the plan to The Baltimore Sun on Monday and said he is "awaiting a response from the city" on his proposal.
Whaling, the former head of economic planning and tourism for the city of Toronto, said he designed and implemented a plan for that city's race, called the Molson Indy Festival.
In the Baltimore plan, Whaling's team proposes creating a non-profit organization to run the race that would leave debts from last year's race with previous event organizer Baltimore Racing Development. His proposal anticipates the race continuing to lose money for the next two years, before turning a profit in year four.
In December, city officials announced that they were terminating their contract with Baltimore Racing Development, which has more than $12 million in debts, including nearly $2 million in unpaid city taxes and fees.
Sources close to the negotiations have said that Dale Dillon, owner of an Indianapolis-based construction company, has emerged as a front-runner to take over the racing contract. Dillon has not responded to requests for comment. Dillon has helped organize IndyCar races in St. Petersburg, Fla., and Toronto and is part of a team trying to bring a race to Fort Lauderdale, Fla. He served as Baltimore Racing Development's general manager in the final weeks before the race, and many in city government saw him as the savior of the event. City officials have declined to say whether Dillon has submitted a formal business plan of his own or other details about their selection process.
See the documents pertaining to Whaling's proposal below.