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F1 discussion

Canadian Grand Prix promoter declares bankruptcy?

This topic contains 2 replies, has 2 voices, and was last updated by Avatar of Olivier42 Olivier42 1 year, 6 months ago.

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  • #132177
    Avatar of Olivier42
    Olivier42
    Participant

    It has not been posted on the site that I can see, so I figured I would link an article or two:
    http://www.montrealgazette.com/business/Octane+Motorsports+Events+bankrupt+owes+considerable+sums/7345682/story.html
    http://www.montrealgazette.com/sports/NASCAR+roar+return+Montreal+2013/7350660/story.html
    Octane Motorsports, the company behind the Montreal Grand Prix declared bankruptcy. It sounds they will basically drop the NASCAR and IndyCar races in Montreal and Edmonton and focus exclusively on Formula One at least for next year, to become profitable again. The company owes a pretty big chunk of change ($5.4M)

    The 2013 Grand Prix is definitely not at risk, regardless.

    #211681
    Avatar of necrodethmortem
    necrodethmortem
    Participant

    From what I read, it seems that it’s Octane Motorsports Events Inc. that has declared bankruptcy, which is a sister company of Octane Racing Group Inc., the promoter of the Canadian Grand Prix. So there’s not much to be worried about for F1, at least for now.

    #211682
    Avatar of Olivier42
    Olivier42
    Participant

    Hmm, it sounds like they have quite the network of companies…

    * Octane Racing Group (ORG) is the Montréal-based promoter of the Formula 1 Grand Prix du Canada to be held in Montréal June 8-9-10, 2012

    * Octane Motorsports Events (OME) is the Montréal-based promoter of the Edmonton Indy of the IZOD IndyCar Series to be held in Edmonton July 20-21-22, 2012

    * Octane Management (OM) is the Montréal-based promoter of the NAPA Auto Parts 200 presented by Dodge of the NASCAR Nationwide Series to be held in Montréal August 16-17-18, 2012

    OME filed for bankrupcy and next year’s NAPA Auto Parts 200 was cancelled

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