After several discussions about the possibility of returning the city’s annual motorsports weekend into a Formula One event, the Long Beach City Council voted last week to extend the Grand Prix Association of Long Beach’s IndyCar contract through 2018.
The four-year extension was approved 8-0 at the council’s April 22 meeting and ensures that the Grand Prix Association, which organizes the Toyota Grand Prix of Long Beach, has exclusive rights to America’s only street course, with two one-year renewal options built into the deal.
“We’re delighted to have received the unanimous vote of city council for approval of the extension of our contract with the city through 2018,” said Jim Michaelian, president and CEO of the Grand Prix Association. “This will afford us the opportunity to continue to partner with the city in conducting the #1 street race in America for years to come.”
Along with the extension, city council also approved moving forward with an RFP process to determine whether or not to continue with IndiCars or switch to Formula One or even another automotive sports format after 2018. Chris Pook, who founded the Grand Prix as a Formula 5000 race in 1975, revealed earlier this year that he had been hired by Formula One owner Bernie Ecclestone to try and convince the city to bring Formula One back to Long Beach. Formula One raced in Long Beach from 1976 to 1983.
This year’s Grand Prix took place April 11 through 13 and drew over 180,000 attendees throughout the weekend. Michaelian said that attendance was a 10-year high and the economic impact of the three-day event was estimated at $35 million.
Industry professionals say that bringing Formula One back to Long Beach would require several costly measures including annual street resurfacing and installing permanent garages. Pook says he has financial support for such things, should Formula One win the bid.
The 2015 Toyota Grand Prix of Long Beach will take place April 17-19.
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