Update from today's Globe......they'll be back!
Race is on to find sponsors for 2009 contest
Toronto out of the running for 2008, but 'the Future looks very, very bright' for a return of the race, Grand Prix CEO says
JENNIFER LEWINGTON
CITY HALL BUREAU CHIEF
March 6, 2008
Now that the Grand Prix of Toronto is officially out for this year, the race is on to find corporate sponsors for an event that does not have a green light for 2009.
"It is a tight, tight, tight time frame," Grand Prix CEO Charlie Johnstone said yesterday, of the need to nail down private backers for a race that would run under the newly merged Indy Racing League.
He confirmed yesterday that Toronto is officially out of the circuit for this year's North American open-wheel race, but said "active and ongoing" negotiations are under way with potential private sponsors."
He stressed "the future looks very, very bright" for a return of the race, an early July staple of Toronto summers at Exhibition Place for the past 23 years. But he concedes that without multiyear sponsorships in place, "the race would be gone."
One sports marketing expert estimates Mr. Johnstone has barely a month to assemble sponsorship essential to persuade open-wheel racing owners that Toronto is a viable venue.
"He [Mr. Johnstone] has to get all the stakeholders on side, he needs some friends right now," said Richard Powers, assistant dean at the Rotman School of Management at the University of Toronto.
"The uncertainty [about the future of the race in Toronto] makes it very difficult to go out and secure any serious sponsorships, which a race like this requires," said Mr. Powers, who teaches sports marketing at Rotman.
"However, the race has been so successful in Toronto over the years, that there will likely be companies who will step up."
Terry Angstadt, president of the commercial division of the Indy Racing League (which now includes the Champ Car World Series that had operated here), said the new league has to confirm its 2009 schedule by the end of June.
While unable to confirm whether Toronto will be part of the circuit next year, he praised the Toronto race as "historically, a big and important event."
Deputy mayor and Exhibition Place chairman Joe Pantalone said he is "disappointed" that the race is off this year, but remains optimistic about Toronto's chances in 2009.
"Any sport that wants to have a North American presence cannot ignore Toronto," he said, citing the region's economy and population base. "We are ready to sit down and do everything we can reasonably to make the race happen in 2009 and beyond," he said.
A spokeswoman for provincial Tourism Minister Peter Fonseca, whose department has provided $850,000 in tourism grants to the Toronto race since 2003, said "we look forward to hearing from the organizers about their future plans for the 2009 race."