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$3.2M raised, 50K Grand Prix tickets sold

For an event that’s causing a lot of headaches and consternation for Baltimore’s drivers, the tickets and money have been coming in quickly.

Baltimore Grand Prix organizers say they have raised more than $3.2 million from private investors, hitting their target for the race. Additional money will be raised through ticket sales and other means, said Jay Davidson, CEO of Baltimore Racing Development LLC.

In its most recent filing with the Securities and Exchange Commission, on May 4, Baltimore Racing Development said it had raised $65,000 since its previous filing, on Jan. 18.

Investors listed include Davidson and Peter J. Collier, chief operating officer of Baltimore Racing Development; Walker Mygatt, a managing director at Constellation Energy Group Inc. and an executive with the Grand Prix; David Rather, owner of Mother’s Federal Hill Grille; and Kenneth Banks, president of Baltimore’s Banks Contracting Co. Inc.

How much was paid by each investor was not disclosed in the filings.

More than 50,000 tickets have been sold, and 67 of the Grand Prix’s 77 hospitality suites have been sold, Davidson said. The remaining 10 have tentative agreements to be sold.

The hospitality suites cost from $7,500 to $100,000.

“Hospitality is off the charts,” Davidson said. “Sponsorships are a little bit slower than I would like, but in the last couple of weeks there’s been significant improvement.”

The hunt for a title sponsorship is still on, but Davidson said organizers are looking for the right price and the right kind of partner for the event. A title sponsor would be worth between $1 million to $2 million.

“We’re not going to be just giving it away,” he said. “If not, we’ll hold onto it in year one, and it’ll just be the Grand Prix,” he said.

Davidson declined to disclose how much organizers have collected in sponsorships or in ticket sales so far.

Sunday-only reserved seating and VIP Light Street terrace tickets have sold out, Davidson said. About 300 of the Light Street terrace tickets were available at $425, while Sunday-only seats ranged from $60 to $85. The remaining VIP weekend passes for the balcony club, Grand Prix club and finish line terrace cost $895, $425 and $475.

Remaining grandstand seats cost from $50 to $160, and grounds admission ranges from $15 to $65.

The race has gained 10 sponsorships, including deals with Sunoco Inc., Geico and AirTran Airways. Sunoco will be the fuel partner and pit lane sponsor for the race, while AirTran has signed on as the official airline of the race..

Transamerica, Greenspring Energy LLC, Enoch Office Equipment and HVM Racing are also among the event’s sponsors.