Baltimore Racing Development LLC, the organization behind the recent Baltimore Grand Prix, has issued another offering to its investors, looking to raise an additional $1.5 million.
According to a filing with the Securities and Exchange Commission Friday, Baltimore Racing Development said it had already raised $423,000 from eight investors. The organization said $200,000 of the offering would go toward salaries. It also estimated that its revenues were in the range of $5 million to $25 million.
More than 110,000 tickets were sold for the three-day event, with approximately 160,000 people attending, the organizers said. Jay Davidson, CEO of Baltimore Racing Development, said they did not expect to turn a profit the event’s first year and were able to sell various sponsorships and packages.
Davidson said in the days following the race that his phone had been “ringing off the hook” with interest from new investors and sponsors for next year.
Two of the original investors in the Grand Prix, Steven Wehner and Sean Conley, have filed actions against BRD seeking more than $1 million between them. The actions, known as confessed judgments, claim that BRD defaulted on agreements to buy out the pair’s ownership stakes.
Davidson said that the pair will be paid “what they’re due.”
The Baltimore Grand Prix was held on Labor Day weekend, Sept. 2–4, and consisted of a 2-mile, 13-turn course on city streets that ran past the Inner Harbor and around Oriole Park at Camden Yards.
The city announced that preliminary figures showed a 44 percent increase in average weekend hotel revenue over Labor Day weekend 2010 among 11 Baltimore hotels. A complete economic analysis of the race is being conducted by Pittsburgh-based marketing and economic research firm Forward Analytics and will be finished by about Oct. 1, city tourism officials said.