BOSTON GRAND PRIX FILES BANKRUPTCY - CREDITORS OWED OVER $9 MILLION
The now defunct Boston Grand Prix, who had plans to hold an IndyCar race last April in Boston, has several creditors knocking on their doors after it filed for Chapter 7 protection on Tuesday.
While the company's debts total over 9 million dollars, it states it only has $10,900 in cash and two cars worth $50,000
Boston Grand Prix issued a statement that reads in part "While BGP has taken this action because it has no other choice, it is still an action that is taken with deep regret"
The bankruptcy filing lists 90 pages of ticket buyers, one of whom was Cody Butler of Quincy, MA. He bought tickets totalling $570.00
"It was terrible they were allowed to sell the tickets in the first place," Butler said.
Boston Grand Prix has said it has run out of money while issuing over $400,000 in refunds. The company insists it needs an influx of cash to complete the reimbursements.
Race organizers signed a 5 year deal in 2015 to hold the race in the Seaport District of Boston over Labor Day weekend. It was to be a 2.2 mile street course around the Convention and Exhibition center.
Some big name sponsors who are looking to get reimbursed are Bridgestone Tire Operations ($223.5k), Firestone (223.5k), Global Partners ($275k), Indycar LLC ($4.2 million), Herb Chambers ($100k), Legal Seafoods ($3,000), MillerCoors LLC ($105k) and New Balance Athletics LLC ($50k)
