Penske Funds Most of D.C.'s Freedom 250 Race, With Costs Far Above $21 Million
Updated
Updated · NBC Washington · Aug 21
Penske Funds Most of D.C.'s Freedom 250 Race, With Costs Far Above $21 Million
3 articles · Updated · NBC Washington · Aug 21
Summary
Penske Corporation is covering the vast majority of the Freedom 250 Grand Prix bill, chairman Bud Denker said, calling the street race a deliberate money-loser rather than a break-even event.
Detroit's comparable race costs $21 million to $22 million, and Denker said Washington's budget "far exceeds" that level; suite sponsorships on 3rd and 7th streets will bring in only partial revenue.
Federal and D.C. funds will still pay for public safety, using part of the district's $90 million annual allotment for police and fire support at major events.
Denker said Penske has received no money from the Trump-linked Freedom 250 Committee and avoided seeking federal support because taking it would become "a big story."
Penske is pitching the race as an economic boost, estimating $100 million to $200 million in benefits for Washington and a rare global showcase for the city.