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The Baltimore Sun | December 30, 2011
Mayor Stephanie Rawlings-Blake released this statement Friday: "It is with great disappointment that we announce the termination of the City's agreement with Baltimore Racing Development. Like many Baltimoreans, I hoped that BRD would restructure, recapitalize and begin to pay taxes and debts by the December 31 deadline. BRD's corporate officers and managers have failed to take the appropriate steps to put the company on a sustainable path forward. "The Grand Prix generated $47 million in economic impact and proved valuable in terms of positive media exposure and civic pride for Baltimore's residents.
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NEWS
By Luke Broadwater, The Baltimore Sun | July 26, 2012
The organizers of the first Baltimore Grand Prix — which ran up millions in debts to vendors and taxpayers — have begun paying their back taxes, an attorney for the closed business said Thursday. Steven D. Silverman, who represents Baltimore Racing Development, said company managers have entered into an agreement with the Maryland comptroller's office that will result in all of the nearly $600,000 in back taxes being paid. The company owes $567,594 to Baltimore in admissions and amusement taxes, and $23,838 in sales and use taxes to Maryland, according to state officials.
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NEWS
By David Troy | January 3, 2012
The embarrassing and unfortunate financial failure of the Baltimore Grand Prix was caused by a pervasive culture of secrecy and privilege within City Hall and at Baltimore Racing Development. Had more facts been available to the press and the public, it would have been abundantly clear that the race was in jeopardy even in its earliest planning phases. The failure to secure a lead sponsor was, in retrospect, a body-blow that should have led to the race's cancellation or postponement.
NEWS
January 4, 2012
Baltimore did the right thing in setting and sticking to a deadline for Baltimore Racing Development, the financially insolvent company that put on last year's Grand Prix, to pay its taxes and other debts or have its contract to put on this year's race canceled. The fact that the company was unable to agree to a deal with an outside investor to restructure and recapitalize by the end of the year was emblematic of the dysfunction that got it more than $12 million in debt to begin with.
SPORTS
December 5, 2011
Baltimore Racing Development is a cumbersome company headed by three of five board members who have zero event-throwing experience and who allowed and continue to allow executive level folks who also have zero event-throwing experience to speak for and make decisions for the company. These are the same people who misled vendors, misled the public, and misled the city as to their competence and the company's solvency and the same people who are clearly still in the BRD office, probably working just as ineffectively.
SPORTS
December 13, 2011
The Sun's editorial last week called the Baltimore Grand Prix's finances "A grand mess" (Dec. 7). It certainly was that, but there is no reason Baltimore Racing Development should be able to leave the city holding the bag for expenses they had not considered or accounted for! The city has its own share of problems. Some of the recreation centers had to close, and there are not enough beds for the homeless. That is where the city money should be spent - not to bail out BRD. Anne Hackney
SPORTS
By Jeff Barker and Jeff Barker,jeff.barker@baltsun.com | July 7, 2009
A Baltimore group is in serious negotiations with the city and the IndyCar Series about staging an annual street race beginning in 2011 near the Inner Harbor that state and city officials say could rival the Preakness in its economic impact and national exposure. Baltimore Racing Development, a limited liability company, is proposing five years of what it calls a "Baltimore Grand Prix" beginning in the late summer or early fall of 2011. BRD has been meeting with city and state officials - including representatives of Mayor Sheila Dixon - and with the Indy Racing League's IndyCar Series.
NEWS
By Luke Broadwater, The Baltimore Sun | July 26, 2012
The organizers of the first Baltimore Grand Prix — which ran up millions in debts to vendors and taxpayers — have begun paying their back taxes, an attorney for the closed business said Thursday. Steven D. Silverman, who represents Baltimore Racing Development, said company managers have entered into an agreement with the Maryland comptroller's office that will result in all of the nearly $600,000 in back taxes being paid. The company owes $567,594 to Baltimore in admissions and amusement taxes, and $23,838 in sales and use taxes to Maryland, according to state officials.
NEWS
By Jay Davidson | December 4, 2011
The dust has settled on the inaugural Baltimore Grand Prix, an event that I and several others lived and breathed over the past two-plus years. I acknowledge that I am not objective, having invested substantial money, effort and reputation as the "face of the race" since I began working on this challenging project in 2008. Like most of my investor partners, my primary goal was to bring a world-class event to Baltimore in the hope of changing certain perceptions about our city. Despite the many naysayers, I think it is fair to say that the great majority of the 160,000 people who attended over Labor Day weekend viewed the event as a fantastic success.
SPORTS
By Jean Marbella and Julie Scharper, The Baltimore Sun | November 12, 2011
It was a party unlike any Baltimore had ever hosted during the usually sleepy Labor Day weekend, with candy-colored cars speeding noisily around the Inner Harbor to the delight of crowds drawn to the city's inaugural Grand Prix. But behind the scenes, event promoter Baltimore Racing Development was falling into financial and organizational disarray. Two months later, the city faces something of a morning-after dilemma: Does Baltimore continue dancing with BRD, which owes $1.5 million in taxes and unpaid services, or change partners for future races?
NEWS
By David Troy | January 3, 2012
The embarrassing and unfortunate financial failure of the Baltimore Grand Prix was caused by a pervasive culture of secrecy and privilege within City Hall and at Baltimore Racing Development. Had more facts been available to the press and the public, it would have been abundantly clear that the race was in jeopardy even in its earliest planning phases. The failure to secure a lead sponsor was, in retrospect, a body-blow that should have led to the race's cancellation or postponement.
NEWS
The Baltimore Sun | December 30, 2011
Mayor Stephanie Rawlings-Blake released this statement Friday: "It is with great disappointment that we announce the termination of the City's agreement with Baltimore Racing Development. Like many Baltimoreans, I hoped that BRD would restructure, recapitalize and begin to pay taxes and debts by the December 31 deadline. BRD's corporate officers and managers have failed to take the appropriate steps to put the company on a sustainable path forward. "The Grand Prix generated $47 million in economic impact and proved valuable in terms of positive media exposure and civic pride for Baltimore's residents.
SPORTS
December 13, 2011
The Sun's editorial last week called the Baltimore Grand Prix's finances "A grand mess" (Dec. 7). It certainly was that, but there is no reason Baltimore Racing Development should be able to leave the city holding the bag for expenses they had not considered or accounted for! The city has its own share of problems. Some of the recreation centers had to close, and there are not enough beds for the homeless. That is where the city money should be spent - not to bail out BRD. Anne Hackney
SPORTS
December 5, 2011
Baltimore Racing Development is a cumbersome company headed by three of five board members who have zero event-throwing experience and who allowed and continue to allow executive level folks who also have zero event-throwing experience to speak for and make decisions for the company. These are the same people who misled vendors, misled the public, and misled the city as to their competence and the company's solvency and the same people who are clearly still in the BRD office, probably working just as ineffectively.
NEWS
By Jay Davidson | December 4, 2011
The dust has settled on the inaugural Baltimore Grand Prix, an event that I and several others lived and breathed over the past two-plus years. I acknowledge that I am not objective, having invested substantial money, effort and reputation as the "face of the race" since I began working on this challenging project in 2008. Like most of my investor partners, my primary goal was to bring a world-class event to Baltimore in the hope of changing certain perceptions about our city. Despite the many naysayers, I think it is fair to say that the great majority of the 160,000 people who attended over Labor Day weekend viewed the event as a fantastic success.
SPORTS
By Luke Broadwater, The Baltimore Sun | November 17, 2011
The Baltimore Grand Prix's turmoil has spread to the Federal Hill Neighborhood Association, with residents demanding the resignation of several board members over their handling of race funds. At issue is a struggle over $10,000 in community impact funds that financially beleaguered Baltimore Racing Development Inc. gave to the neighborhood association as compensation for inconveniences the race caused the neighborhood. Several board members, including past president Paul Robinson, have proposed giving the funds back to Grand Prix organizers as they struggle to pay millions back to lenders and vendors, or freezing the funds until the racing company has paid back its $1.5 million-plus bill to the city - a move fiercely opposed by new association President Ryan Hada.
SPORTS
By Baltimore Sun | August 16, 2010
The first Baltimore Grand Prix will be run over Labor Day next year instead of Aug. 5-7, the city and Baltimore Racing Development announced today. Mayor Stephanie Rawlings-Blake and BRD announced the move today, and also said they will make a series of improvements to the track layout to allow for more fan attractions. "We are very excited to be able to schedule the inaugural Baltimore Grand Prix for the weekend that we originally wanted," Jay Davidson, president of the Baltimore Grand Prix and Baltimore Racing Development, said in a release today.
NEWS
By a Baltimore Sun reporter | August 1, 2011
Dozens of trees are falling on downtown streets to improve sight lines for spectators at the Baltimore Grand Prix , but event planners intend to replace them after the race - half of them in large pots so that they can be moved, not destroyed, in future years. Workers on Monday took saws to a few trees that lined a section of West Pratt Street in front of the Baltimore Convention Center to make room for a prime grandstand viewing area. More trees, in five other downtown areas, are being removed to accommodate the thousands of spectators who are expected to watch the races Labor Day weekend.
NEWS
November 14, 2011
Whoever in Baltimore thinks the "Baltimore Racing Development" was cobbled together to benefit our beleaguered and bankrupt city is a fool. From the start, it's been obvious that BRD has been about conning the citizens and powers-that-be out of what little funds Baltimore has. Now, three months after the Labor Day non-event, the inevitable has happened as predicted by other less sanguine Baltimoreans: Baltimore Racing Development cannot pay...
SPORTS
By Jean Marbella and Julie Scharper, The Baltimore Sun | November 12, 2011
It was a party unlike any Baltimore had ever hosted during the usually sleepy Labor Day weekend, with candy-colored cars speeding noisily around the Inner Harbor to the delight of crowds drawn to the city's inaugural Grand Prix. But behind the scenes, event promoter Baltimore Racing Development was falling into financial and organizational disarray. Two months later, the city faces something of a morning-after dilemma: Does Baltimore continue dancing with BRD, which owes $1.5 million in taxes and unpaid services, or change partners for future races?
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