The Verizon IndyCar Series’ Grand Prix of Boston was set to be a pretty sweet race with a 2.2-mile temporary street course carved out of the city for the Labor Day race. Unfortunately, the race was cancelled altogether after relationships between race promoters and the City of Boston fell apart. The president of the Grand Prix of Boston group blamed it on the cities “endless, unrealistic demands,” while the city pointed its finger right back, saying the group was unorganized and wasn’t willing to put in the work to make the race happen.
There’s still a lot of speculation flying around, with some wondering just what happened to the $2,086,798 earned in ticket sales from more than 4,000 people who bought tickets to the race. Various reports are indicating that organizers had just $400,000 for refunds after the event was cancelled, while ESPN reports that the Grand Prix filed for bankruptcy with just $10,909 in the bank, a pair of show cars worth $50,000 combined, and 120 concrete barriers to its name. If you do the math, that means that there is $1,625,889 that was spent outside of refunding tickets, building show cars, and purchasing concrete barriers. So now, here I am asking: Where did that $1.625 million go?
A settlement that took place last week for $1.67 million means that IndyCar has to pay out $925,000 to help cover the refunds of tickets that were guaranteed to be refunded should the race fall through. It’s a large part of the bill, but it doesn’t come close to fixing the whole mess.
Keep reading to learn more about the situation.
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