Edmonton Indy will roar again

The Edmonton Indy is back on track. The event's promoter says an agreement has been reached with the city to bring the annual IndyCar race back this summer.

Octane Motorsport Events says it has agreed to terms on a three-year deal with the Indy Racing League to promote the event.

The events will be held on July 22, 23, and 24 on a new race course at the Edmonton City Centre Airport.

"We are extremely glad to finally be able to officially invite racing fans to gather in Edmonton, next July 22, 23 and 24. It is now a reality; the popular Edmonton Indy is back on the IndyCar Series calendar. While it may has taken more time than expected to confirm its return, our group has all intentions to use the next seven months to offer to Edmontonians and Western Canadians the very best motorsports spectacle they've seen since 2005 in Alberta's Capital City", Franois Dumontier, president of Octane Motorsport Events Inc., said today in a written release.

The Edmonton Indy was cancelled last fall when the city and the event sponsor couldn't agree on who should pay for a $3-million track retrofit.

The city held a press conference at 3:00 on Tuesday afternoon to confirm some of the details.

The city will now arrange to pave about 4.5 hectares on the airport's east side to help turn the runway closed last August into a track.

The new agreement is also based on the new funding formula approved by a 9-2 city council vote late last November.

Edmonton will contribute $2 million to the race, paying it off with $450,000 in annual revenues expected from parking fees, while a group of local businesses, known as Race Week Edmonton, will kick in $1 million worth of services and cash.

The city hopes to extend the race beyond 2013, but says those races would not be held at the city centre airport.