INDIANAPOLIS -- Michael Andretti is hoping for a different kind of victory with Toronto's major auto race.
Already a seven-time champion in the city as a driver, Andretti has signed a letter of intent to purchase the assets of the Grand Prix Association of Toronto.
"Toronto is a place that I have always loved," Andretti said in a statement yesterday. "It's a great racetrack and a great venue. Racing there was always the highlight of my year and it's exciting to think that we're exploring the possibility of owning the event.
"I was fortunate enough to win there seven times as a driver and all of those wins were special. If we were able to put a deal together to own and operate an event in Toronto, I would certainly count that as another win there, for sure."
He owns Andretti Green Racing with Kim Green and Kevin Savoree.
The letter of intent was signed last Friday and will run through a period ending on April 30. The terms of the deal were not released.
The company will begin a process to determine whether it will proceed to the next step, which would be to enter into a purchase agreement with the Grand Prix Association of Toronto.
Organizers of the Toronto race announced this month that the 2008 event would be cancelled, after the merger of the Indy Racing League and Champ Car World Series.
The Grand Prix of Toronto had been held annually since 1986. "The expressed interest by Andretti Green Promotions to own the Grand Prix of Toronto speaks volumes to the stature this event maintains in open-wheel racing in North America," said Charlie Johnstone, the race's president and chief executive officer.
Andretti Green Promotions has been operating since 2004 and stages the Honda Grand Prix of St. Petersburg.
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