Despite committing to pay $5.5 million in sponsorship and offer $1.5 million worth of city services, Edmonton had announced earlier this month that it could not reach a deal with race promoter Octane Motorsports for a 2011 race.
The closure of one the city airport’s runaways used for the race meant that a further $3 million needed to be found to pave the track at the site’s east side.
A city report now says $1 million could come from unidentified private sponsors and $2 million would be raised from a new 1,000-stall parking lot to be built near the track.
Edmonton had to cover losses of $9.2 million in the first two years of the three-year contract with Octane expiring in 2010 and it is believed that this year’s costs will push the amount to around $12 million.
