The Edmonton Sun is now reporting that the City Council has voted to revive the Edmonton Indy event that was cancelled earlier this month.
According to the Sun’s Michelle Thompson, the city will use $1 million from private partners and $2 million from parking revenue to make up the $3 million sum that caused negotiations between the City and promoter Octane Racing Group to break down. The City was slated to pay $5.5 million to Octane over the next three years, but additional costs stemming from moving the race course to another part of the City Center Airport created a conflict between the two sides that hadn’t been settled until now.
However, CTV Edmonton (while reporting that Octane will likely issue a statement on the matter next week) isn’t calling victory for the Indy just yet…Apparently, this is a maybe type of situation right now.
UPDATE (3:41 p.m. MT): The Edmonton Indy had this to say on their Twitter page (@edmontonindy): “CAN I YELL!!!! WE ARE BACK!!!!! LET”S PARTY! SEE YOU IN JULY!!!!! THANK YOU ALL FOR YOUR SUPPORT!!!!”
UPDATE (3:59 p.m. MT): Edmonton mayor Stephen Mandel on Twitter (@MayorMandel): “Council voted today in favour of a creative funding strategy to keep Indy going.”
UPDATE (4:24 p.m. MT): Just got off the phone with Mike Cockrall (@TeamCanada1) up in Edmonton, a guy that’s been on top of this story from the beginning. He confirmed that the Council voted in favor of the new fund-raising plan by a count of 9-2 and that the Council was amazed at the number of e-mails that it received from fans following the Edmonton Indy’s demise. Cockrall also said that part of the parking revenue under the plan would come from new year-round parking at the CCA.
UPDATE (4:36 p.m. MT): Global Edmonton has some details on the proposed new parking at the CCA that would generate revenue for the race. Read the second paragraph.
