Edmonton race to go ahead despite losses

The Edmonton Indy will go ahead in 2010 despite the fact this year's race lost millions of dollars and next year's event isn't likely to be any more profitable.

Edmonton city council voted unanimously to honor the final year of its three year contract with the Indy Racing League but refused to say what the future holds for the race beyond next year.

"Every councilor realizes that we can't be a city that doesn't honor our commitments," said Coun. Kim Krushell. "Yes, we're moving forward with 2010. Are we happy about losing dollars? No."

The Edmonton Indy lost $3.9-million this year, which was less than the $5.3-million the race lost in its first year of operation.

The city may also look to the federal government to step up to the financial plate much like it did with the city of Montreal and the Canadian Grand Prix Formula One race.

Edmonton mayor Stephen Mandel says he expects losses to be fewer next year, adding not enough sponsorships or corporate booths were sold for this year's race.

Mandel says he can see a future for the race beyond 2010, calling it a valuable tourist attraction.