The usual roar of the Grand Prix race cars will be conspicuously absent this July. Unfortunately it is estimated that the silence will cost Toronto approximately $50 million. The Toronto Grand Prix, which started off as the Molson Indy in 1986, was a huge drawing card and a rain maker for our hospitality and tourism industries. The death knoll for the event was a deal between the Indy Racing League and Champ Car World Series which left the race calendar too crowded. The Toronto Grand Prix was declared expendable.

There is talk that we may get the race back in 2009, but I don’t know if that is realistic or wishful thinking. Some are even reporting that there are negotiations to keep the Grand Prix in Toronto this year, but on a different date. Unfortunately there is nothing to substantiate these reports.

Even if the Toronto Grand Prix had gone on as planned, a new sponsor would have had to be found. Steelback Breweries is no longer solvent, but has no debts with the Toronto Grand Prix. According to the organizers, there are 6 parties who have expressed interest in becoming the title sponsor.

No matter how much the loss of the Grand Prix is sugar coated, the economic reality of this loss is enormous.

• Over 3.5 million people have come to Toronto specifically for the car race since 1986
• The car race supports approximately 448 full time jobs in the GTA
• Approximately $5.1 million in tourist spending in Toronto from outside Ontario was directly attributed to the Grand Prix

Are you directly affected by the loss of the Toronto Grand Prix? Will you miss the race?