Andretti granted extension

DEAN MCNULTY -- Sun Media

, Last Updated: 11:10 AM ET

Andretti Green Racing has been granted a 15-day extension on its letter of intent to buy the Toronto Grand Prix.

After an April 30 deadline passed without an agreement to purchase, both sides -- AGR and the Toronto Grand Prix Association -- pushed back the deadline to May 15.

"The additional period is needed to allow both parties time to meet certain obligations related to the completion of purchase agreements," an AGR official said in a statement yesterday.

At issue is the $2-million annual deficit the race at Exhibition Place has incurred the past several years.

Seven-time race winner Michael Andretti and partners Kim Green and Kevin Savoree have sought assurances that the municipal, provincial and federal governments will step up to bring costs into line.

A news blackout on the talks has been imposed until there is a deal.

"The terms of the agreement will not be disclosed and neither party will be offering further comment," the AGR release said.


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