jonovision_man
11-01-05, 08:47 AM
link (http://www.torontosun.com/Sports/OtherSports/2005/11/01/1287756-sun.html)
Molson Breweries will hand over the keys to the Toronto Molson Indy to the Champ Car World Series this weekend at the Autodromo Hermanos Rodriguez in Mexico City -- its final race of the 2005 season, the Toronto Sun has been told.
The memorandum of agreement to sell the assets of the annual week-long racing festival was to be finalized yesterday, but sources said that while all of the due diligence has been completed, both sides wanted a big stage for the announcement -- and Friday in Mexico City fits the bill.
In the short term the deal will not alter the setup of the Molson Indy, in fact, it is expected that the Molson Sports and Entertainment staff that have planned and produced the event over the past 20 years will move seamlessly over to the new promoters.
"I expect that the deal to turn over (our) assets to Champ Car will be announced in Mexico City," a source close to the talks told the Sun yesterday.
While a price tag of $20 million for the Molson assets has been reported, the source said that figure likely was high -- unless Champ Car also was planning to buy Molson's television production arm that produced the TV package for this season.
The physical assets being purchased include the superstructures necessary to put on the race -- bridges, concrete barriers and grandstands.
"But the really valuable part of the Molson Indy is its employees who are not part of the package, but who very likely would move to Champ Car," the source said.
The Molson Indy has been Toronto's most successful single sporting event -- averaging just over 160,000 fans in its 20-year run on the temporary street course that utilizes Lake Shore Blvd. and the Canadian National Exhibition grounds.
Even the SARS scare of 2003 couldn't knock the Indy off its perch.
In fact city officials credited the event with kick-starting Toronto's recovery from the deadly disease.
Molson Breweries will hand over the keys to the Toronto Molson Indy to the Champ Car World Series this weekend at the Autodromo Hermanos Rodriguez in Mexico City -- its final race of the 2005 season, the Toronto Sun has been told.
The memorandum of agreement to sell the assets of the annual week-long racing festival was to be finalized yesterday, but sources said that while all of the due diligence has been completed, both sides wanted a big stage for the announcement -- and Friday in Mexico City fits the bill.
In the short term the deal will not alter the setup of the Molson Indy, in fact, it is expected that the Molson Sports and Entertainment staff that have planned and produced the event over the past 20 years will move seamlessly over to the new promoters.
"I expect that the deal to turn over (our) assets to Champ Car will be announced in Mexico City," a source close to the talks told the Sun yesterday.
While a price tag of $20 million for the Molson assets has been reported, the source said that figure likely was high -- unless Champ Car also was planning to buy Molson's television production arm that produced the TV package for this season.
The physical assets being purchased include the superstructures necessary to put on the race -- bridges, concrete barriers and grandstands.
"But the really valuable part of the Molson Indy is its employees who are not part of the package, but who very likely would move to Champ Car," the source said.
The Molson Indy has been Toronto's most successful single sporting event -- averaging just over 160,000 fans in its 20-year run on the temporary street course that utilizes Lake Shore Blvd. and the Canadian National Exhibition grounds.
Even the SARS scare of 2003 couldn't knock the Indy off its perch.
In fact city officials credited the event with kick-starting Toronto's recovery from the deadly disease.