Steelback Breweries
The Grand Prix of Toronto Champ Car race is looking for a new title sponsor.
The Grand Prix Association of Toronto, which runs the event, has confirmed that Steelback Breweries will not return as the race sponsor in 2008.
Steelback and related beverage producer D’Angelo Brands Ltd. were recently given court protection from creditors. Wasanda Enterprises, which has financed the two companies since 2002, claims it is owed more than $120-million in loans and interest.
Steelback replaced Molson Breweries as title sponsor of the Toronto race last March, paying an undisclosed amount of money for title rights for the next four years.
Charlie Johnstone, the president of Grand Prix Association of Toronto, says as many as six parties have expressed interest in becoming a title sponsor for the race. He adds that next summer’s race, scheduled for July 4-6, will go ahead as planned despite Steelback’s troubles.
Source: Steelback out as Toronto race sponsor
