BALTIMORE (AP) - Baltimore is terminating its contract with the organizers of the Baltimore Grand Prix.
The city announced Friday afternoon that it is terminating the five-year deal with Baltimore Racing Development after only one year and demanded that the group pay its debts.
City officials warned last month that they would terminate the contract if the group failed to pay for $1.5 million it owes the city by the end of the year.
City officials say they can now move forward with others interested in conducting motorsports events in Baltimore.
Mayor Stephanie Rawlings-Blake says she had hoped organizers would restructure, but the event, which had a $47 million economic impact, can still have a significant value for investors and the city if conducted responsibly.