Not for the first time, the future of the Toyota Grand Prix of Long Beach was in the news earlier this year, and the question of whether Formula 1 could re-enter running the race it did from 1976 to 1983, or whether North American open-wheel racing, in INDYCAR, would keep it up.
The city of Long Beach decided to conduct a study using accounting firm KPMG, and paid the firm $150,000 to evaluate whether existing race operators the Grand Prix Association of Long Beach, led by Jim Michaelian, or Chris Pook’s World Automobile Championship, would be best to run the race. Pook founded the event in the 1970s but has in recent years, harbored the return of F1 and suggested it would be a more viable economic prospect.
Per the Long Beach Press-Telegram, the study has now concluded following proposals and interviews from both camps. In a memo obtained by the Press-Telegram, the report indicated the existing GPALB “as the most qualified firm to promote and operate the Long Beach Grand Prix race.”
Michaelian told the Press-Telegram this was an “first but important step” in the process for the race to build a new contract with a city; the existing contract runs through 2018.
Hulman & Co. CEO Mark Miles, in a statement released to the Sports Business Journal, appreciated the recommendation: that statement is below.
This appears to be a key step towards INDYCAR, the Grand Prix Association of Long Beach and the city of Long Beach all working towards an agreement that will keep INDYCAR racing at its most successful, longest running, and marquee street course event on the calendar.