Boston Grand Prix, LLC files for bankruptcy after cancellation of IndyCar Boston

BOSTON — Boston Grand Prix, LLC has filed for bankruptcy following the cancelation of IndyCar Boston after the sale of tickets and sponsorships had already began.

In the filing, Boston Grand Prix says it has less than $50,000 in assets and lists liabilities of more than $1 million. The company also said they estimate between 1,000 and 5,000 creditors.

The company has so far failed to issue refunds to customers who purchased tickets for the race, which was set to be held in Boston’s Seaport District on Labor Day Weekend.

The Massachusetts Attorney General has announced plans to pursue legal action against Boston Grand Prix.

The Attorney General gave FOX25 the following statement:

Boston Grand Prix's bankruptcy filing today does nothing to prevent us from our continued efforts to find out where the money ticket holders spent has gone and to aggressively pursue a refund for those consumers. We will continue to seek information from all parties involved and take whatever action is necessary to get the money back for those who purchased tickets.

This is a breaking news story, stay with FOX25 News for the latest information as it becomes available.

Cox Media Group