Canadian Grand Prix promoter declares bankruptcy?
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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.
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.
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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