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Baltimore panel OKs new Grand Prix contract

Wednesday - 2/22/2012, 1:05pm  ET

BALTIMORE - A city spending panel controlled by the mayor has approved a five-year contract with a new promoter for the Baltimore Grand Prix.

The city's Board of Estimates voted 3-2 Wednesday to approve a contract with Downforce Racing LLC. Comptroller Joan Pratt and City Council President Bernard "Jack" Young voted against the contract, but the mayor and her two appointees voted in favor.

A study found that the inaugural Grand Prix generated a $47 million economic impact, but the city terminated its contract with Baltimore Racing Development after the group failed to pay $1.5 million owed to the city.

The contract has a provision that calls for keeping the race's finances private, but Downforce will have to file monthly financial reports with the city.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)