Boston Grand Prix’s Secret Investors Revealed in Court Documents
Court documents filed yesterday reveal one of the Boston Grand Prix’s most tightly held secrets: who was funding the damn thing.
Mayor Marty Walsh and Mark Miles, CEO of IndyCar‘s parent company, Hulman & Company, jointly announced the race’s cancellation last month. Prior to that, the Grand Prix repeatedly refused to disclose its list of investors—not to the Herald, not to Walsh, nobody. Thanks to a breach of contract lawsuit filed by IndyCar against the Grand Prix, the latter must name names in order to prove they’re U.S. citizens.
Four limited liability partnerships were listed as “members” of the Grand Prix, the Herald reports: Tavern in the Square Holding Company, Sachem Capital, Start Your Engines LLC and Indy Car Race Boston LLC.
Nicholas A. Leo, listed as one of the two managers of Sachem Capital, owns nearly 20 Dunkin’ Donuts franchises, and made a $1,000 campaign contribution to Walsh just weeks after Grand Prix abruptly kiboshed the race, comparing working with the Walsh administration to an “abusive relationship. Holding a stake in the Tavern in the Square Holding Company is Giuseppe Arcari, former co-owner of Allston’s dearly departed Joshua Tree bar and restaurant.
The Grand Prix has struggled to refund millions of dollars to vendors and those who bought tickets for the race, proposed for Boston’s Seaport District. Among those burnt in the deal is auto dealership magnate Herb Chambers, who’s given up on getting back the $100,000 he paid as part of an initial sponsorship deal.
“He got taken for a hundred grand,” Chambers’ spokesman George Regan told the Herald. “Chalk it up to a very expensive lesson learned.”