Original Edmonton GP investors lost their shirt

The City of Edmonton is bending over backwards to keep the Edmonton IndyCar race alive. Promoter Northlands is not being asked to put cash in the race. It's already up to its eyeballs in a mighty expansion of the AgriCom.

The upfront costs – the Indy $2-million "sanction fee" and debts from last year – are built into Northlands' 2008 Edmonton Indy budget.

Any losses from this race, and in 2009 and 2010, will be covered by the city.

The city continues to pay for its off-site costs, i.e. policing and public transit. Last year, it shelled out another $400,000 for "inside the fence" costs.

The original investors, folks like Forest and Bruce Saville who raised $6 million, are out of luck. For the adventure of bringing open-wheel racing back to Edmonton, they have lost all their investment. Edmonton Sun