Minister Goodyear Announces Investment In Honda Indy Toronto

Toronto, Ontario - The Honda Indy Toronto, Ontario's premier motorsport racing event, will receive a facelift thanks to a federal investment for infrastructure and safety enhancements. The announcement was made today by the Honourable Gary Goodyear, Minister of State responsible for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), at the racetrack at Exhibition Place, site of the event since 1986.

Honda Indy Toronto Credit: Honda Indy Toronto

"Our government is committed to creating jobs and supporting the people, communities and businesses of southern Ontario," said Minister Goodyear. "Residents in the Greater Toronto Area will benefit from our investment in Ontario's largest annual sporting event as this will stimulate the local economy and continue to bring tourism and international exposure to the city."

The Honda Indy Toronto generates more than $42 million annually in economic revenue for the GTA through ticket sales, job creation, and related tourism activities and is considered one of the most prominent road races in the world of motorsports. FedDev Ontario's investment will allow Green Savoree Toronto ULC, the company that operates the event, to purchase new racetrack infrastructure, including road barriers, debris and catch fencing. These upgrades will improve the track construction process and increase safety for both drivers and spectators.

This project will further benefit the southern Ontario economy as all of the components will be manufactured locally over the coming months.

"Next year will mark the 25th edition of Indy car racing in Toronto and there's no better way to celebrate the milestone than with a new track," said Kevin Savoree, Owner, President and COO of Green Savoree Toronto, ULC. "We're delighted with this investment and thank Minister Goodyear and the government for their support."

Funding of up to $772,000 for this project is provided by FedDev Ontario through its Southern Ontario Development Program. FedDev Ontario was created as part of the Canada's Economic Action Plan to support economic and community development, innovation, and economic diversification, with contributions to communities, businesses and non-profit organizations in southern Ontario. To learn more about FedDev Ontario and the Southern Ontario Development Program, please visit the web site at www.feddevontario.gc.ca. For additional information on Canada's Economic Action Plan, visit www.actionplan.gc.ca.

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