IndyCar: Detroit GP will be a big money-losing event

–Compiled by Mark Cipolloni–

The Chevrolet Detroit Grand Prix will make more than half of its viewing areas accessible to fans for free as it moves back downtown, a civic-minded move by Roger Penske but one that ensures the IndyCar event will be in the red this year.

While precise financials weren’t provided, event President Bud Denker told Adam Stern of SBJ that having half of the course open like that for free has “never been done before,” and he confirmed that the grand prix will not turn a profit this year.

Denker added: “This has never been a profit-maker for us; it’s always been about giving back to the city we live in. … It’s not going to make money and that hasn’t been our mission. Our mission is to continue to give back to Detroit, so I’m sure when we said that we’re going to have more than half of the area open for free it raised some eyebrows of others who run events, but our mission is very different. Inclusiveness is the word.”

The expected attendance for the race weekend is not yet clear, though officials hope to top 100,000, which ticket sales are tracking ahead of. Denker said: “I don’t know if we’ll have 100,000 people a day or 30,000 people a day or 50,000 a day because when you open it up for free, there’s a lot more access and inclusiveness.”

Penske is able to afford running a race at a loss because he is one of the foremost titans of the American automotive industry with businesses like Penske Automotive Group, a Fortune 500 company that is of the largest car dealers in the U.S., and Penske Truck Rentals.

Denker said that this event should help revitalize the Downtown area of Detroit which has been hurt by the pandemic by decreasing foot traffic and occupancy rates as workers do their job remotely more often now. The race started as an F1 event in 1982 before turning into a CART event in 1989; CART was a fore-runner to what’s now known as the NTT IndyCar Series The 2023 NTT IndyCar season continues this weekend with another street race: The Acura Grand Prix of Long Beach.

Detroit’s criminals will have a field day

Detroit Crimes per Square Mile: 268 (about the footprint of the Detroit GP)