Indy Racing League event won't return to Richmond

Jul 31, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- ISCA | Quote | Chart | News | PowerRating -- After weeks of negotiations, International Speedway Corp. officials announced yesterday that the Indy Racing League event won't return next year to Richmond International Raceway.

Track President Doug Fritz said officials for IRL and ISC, the track's parent company, could not reach an agreement to add the SunTrust Indy Challenge on the 2010 IndyCar Series schedule, which will be announced today.

A study released this year showed the IRL race had a $53 million economic impact locally.

The open-wheel race, which debuted in 2001, received mostly mixed reviews throughout its nine-year run.

Fritz said the economic downturn played a significant role in ISC's decision. In addition, dwindling attendance and an expected loss of major sponsors, including SunTrust Bank, jeopardized the event.

"After reviewing those key factors and due to increases in costs, including IndyCar Series fees to host an event, we have made the decision, in conjunction with ISC, to not host the IndyCar event in 2010," Fritz said.

Fan and industry feedback largely was negative after repeat winner Scott Dixon won the June 27 race by finishing ahead of his Chip Ganassi Racing teammate and pole-sitter Dario Franchitti. During the race, there were long stretches of uninterrupted racing with few lead changes.

Negotiations stalled as ISC officials refused to compromise on payment of sanctioning fees. The sanctioning fees for the 2009 season are an estimated $1.5 million, according to an IRL official.

"There wasn't really a breakdown in negotiations," Fritz said. "There was almost no starting point. There was no magical number.

"The economic conditions forced us to make prudent decisions to provide the best product for our racing fans. Sometimes, you must make tough decisions."

An IRL spokesman said there were some expectations of saving the race. But the two sides couldn't reach a deal that would minimize ISC's cost of hosting the event for a 10th year.

"We basically put it out there that we were happy to pursue it if we could keep our [sanctioning] fees flat," said John Griffin, vice president of public relations for IRL. "But [ISC] turned down that opportunity. I know our guys came back and said they were ready to move forward with the same fees as 2009."

With IRL and ISC severing their relationship at RIR, Fritz predicts it could have some economic effect on the Richmond area. An RIR-sponsored economic-impact study released in March revealed that RIR generates $467 million annually, with $278 million of that in direct economic benefit. From that annual amount, $53 million was generated on IndyCar weekend.

According to the study, the track directly or indirectly supports about 7,765 jobs, including more than 6,500 in retail, tourism and professional services. The Washington Economics Group, based in Coral Gables, Fla., found that RIR generates $84.7 million in tax revenue.

"The IRL event had much less economic impact than both Sprint Cup races [in May and September]," Fritz said.

While Fritz and Griffin agree that June's uninspiring race didn't significantly influence the decision, it certainly created a cloud of uncertainty about the IndyCar Series thriving in a mostly NASCAR region.

However, Fritz said the quality of open-wheel racing slipped at one of NASCAR's premier short tracks despite the event having three marquee drivers -- Franchitti, Helio Castroneves and Danica Patrick.

"The race just didn't have the racing our fans have come to expect at Richmond International Raceway," Fritz said. "Obviously, the drivers were disappointed, the fans were disappointed, and we were disappointed."

Griffin, too, was disappointed -- that there was criticism of the quality of racing at RIR.

"We've had some exciting races there," said Griffin, who disputed claims that IRL's expansion to Brazil and Birmingham, Ala., may have jeopardized RIR's slot on the 2010 schedule. "I think most fans would agree there's plenty of highlights to go along with what we went through this year."

Sarah Fisher, who qualified second here in 2001 and 2003, said it's unfortunate that IRL will not return to Richmond.

"I'm sad to see any track that has helped the IndyCar Series grow to leave the schedule, for whatever reason that might be," she said by telephone last night. "I was on the front row there a couple of times, and I really felt like I was part of the community and family there. I'm sad."

Contact Ralph N. Paulk at (804) 649-7851 or rpaulk@timesdispatch.com

To see more of the Richmond Times-Dispatch, or to subscribe to the newspaper, go
to http://www.timesdispatch.com. Copyright (c) 2009, Richmond Times-Dispatch,
Va. Distributed by McClatchy-Tribune Information Services. For reprints, email
tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax
to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave.,
Suite 303, Glenview, IL 60025, USA.

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index