Boston Grand Prix have filled for bankruptcy with fans who had bought tickets for September’s race still owed millions in refunds.
The Verizon IndyCar Series and other organizations are also owed money following the cancellation of the race. In confirming the bankruptcy Boston Grand Prix issued the following the statement:
Due to events and circumstances beyond BGP’s control the race event was cancelled by the City and IndyCar without regard to the impact on ticket holders and other affected parties.
According to a report on WCVB 5 abc the Boston Grand Prix owes nearly $9 million to fans and various agencies relating to the race which was due to take place over the Labor Day weekend from September 1-4.
Of the $8.96 million owed roughly $1.7 million is owed to ticket holders. The Attorney General’s office has confirmed that despite the bankruptcy filing they will aggressively pursue ticket refunds and had already confirmed that they would take legal action against the race organisers.
Despite the statement from the Boston Grand Prix, Boston Mayor Marty Walsh has confirmed that it was in fact the Boston Grand Prix organizers under CEO John Casey who cancelled the race and the mayor only found out about the race cancellation through the media.
According to financial documents Boston Grand Prix has only $10,000 in cash, meanwhile a judge in Boston has ruled that the organisers of the race cannot sell their assets in order to raise some of the money needed to settle the debts.