Boston IndyCar race organizers file for bankruptcy

July 6, 2016

The organization that unsuccessfully tried to bring an IndyCar race to Boston has filed for bankruptcy, saying it has almost $9 million in liabilities and about $60,000 in assets.

Boston Grand Prix said in its bankruptcy filing Tuesday that its liabilities include more than $1.5 million owed to people who bought tickets for the race, which was supposed to be held over the Labor Day weekend and again each year through 2020.

The tickets went on sale in March, but the race was canceled April 29 with organizers saying the city was making unreasonable demands. City officials, in turn, said the race course group was disorganized.

Creditors include several former sponsors of the race and the Indianapolis-based national IndyCar organization, which says it is owed $4.2 million.

Boston Grand Prix said it filed for bankruptcy with "deep regret."

IndyCar filed a breach-of-contract lawsuit against the organizers in May.

The racing series replaced the canceled event on its schedule with a Sept. 4 road race at Watkins Glen International in New York.


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