Baltimore Grand Prix Organizers Aim To Raise $1.5M

BALTIMORE (AP) — Baltimore Racing Development is issuing another offering to its investors aiming to raise an additional $1.5 million.

The Daily Record of Baltimore reports that organizers of the Baltimore Grand Prix said in a Securities and Exchange Commission filing on Friday that they had already raised $423,000 from eight investors. The organization estimates revenues in the range of $5 million to $25 million and says about $200,000 of the offering will go toward salaries.

Organizers, who did not expect to turn a profit in the event’s first year, said more than 110,000 tickets were sold for the Labor Day weekend event and about 160,000 people attended the race on a 2-mile course through downtown. BRD has a five-year contract with the city.

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

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