Peninsula fans now will have to drive a lot longer than 90 minutes to see Danica Patrick and Helio Castroneves.
After nine years of races at Richmond International Raceway, the Indy Racing League will not return next year.
Track President Doug Fritz confirmed that officials for the IRL and RIR’s parent company, International Speedway Corp., could not agree to add the SunTrust Indy Challenge to the 2010 schedule. Daily Press
Fritz said the economic downturn played a significant role in ISC’s decision. In addition, criticism of last month’s race by both drivers and fans jeopardized an event along with dwindling attendance and the likely loss of sponsors, including SunTrust Bank.
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“Given the unprecedented challenging economic conditions facing all businesses, we at Richmond International Raceway, in partnership with our parent company International Speedway Corporation, have been closely reviewing our portfolio of events,” Fritz said
“Key factors of the review include prioritization of promotional spends, track resources and efforts, along with fan and industry feedback.” Richmond Times Dispatch
Negotiations stalled as ISC officials refused to compromise on payment of sanctioning fees. The sanctioning fees for the 2009 season are an estimated $1.5 million, according to an IRL official.
“There wasn’t really a breakdown in negotiations,” Fritz said. “There was almost no starting point. There was no magical number.
“The economic conditions forced us to make prudent decisions to provide the best product for our racing fans. Sometimes, you must make tough decisions.”
An IRL spokesman said there were some expectations of saving the race. But the two sides couldn’t reach a deal that would minimize ISC’s cost of hosting the event for a 10th year.
“We basically put it out there that we were happy to pursue it if we could keep our [sanctioning] fees flat,” said John Griffin, vice president of public relations for IRL. “But [ISC] turned down that opportunity. I know our guys came back and said they were ready to move forward with the same fees as 2009.”
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With IRL and ISC severing their relationship at RIR, Fritz predicts it could have some economic effect on the Richmond area. An RIR-sponsored economic-impact study released in March revealed that RIR generates $467 million annually, with $278 million of that in direct economic benefit. From that annual amount, $53 million was generated on IndyCar weekend. Lynchburg News and Advance
