BOSTON (WHDH) – 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.
The tickets went on sale in March, but the race was canceled in April 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.”
Court documents show the head of the organization in Boston got paid even though the race will not happen.
Mayor Marty Walsh discussed the issue Wednesday, saying, “They owe that money back and give it back to the people who bought tickets.”
Walsh said he wants the race organizers to find a way to fix the issue.
“I felt the idea of having Indy here was a good idea, a good event, but seeing the way this has unfolded recently is not a good thing,” he said. “Anyone who takes money out of Indy Car should put it back and should reimburse the people who bought tickets.”
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