Md. Lends $500,000 To Grand Prix Race Organizers

BALTIMORE (AP) -- Maryland's economic development agency has given a $500,000 loan to the organizers of an IndyCar race planned for Baltimore over Labor Day weekend.

The loan from the quasi-public Maryland Economic Development Corp. to Baltimore Racing Development was made just as the group was required to make a $500,000 bond payment to the Maryland Stadium Authority.

Jay Davidson, president of Baltimore Racing Development, says the timing of the loan and the bond payment was a coincidence. He says the group has "millions of dollars in ticket revenue" for the inaugural Baltimore Grand Prix and didn't need the money to pay the stadium authority.

The group has yet to find a title sponsor for the race. Davidson says the loan strengthens the partnership between the race and the state.

(Copyright 2011 by The Associated Press. All Rights Reserved.)