Boston Grand Prix, which owes $1.7 million to ticket holders and hundreds of thousands dollars to sponsors and vendors for its cancelled road race, has filed for bankruptcy, 5 Investigates has learned.

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Boston Grand Prix, which owes $8.9 million to ticket holders, sponsors and vendors for its cancelled road race, has filed for bankruptcy, 5 Investigates has learned.Watch the report5 Investigates reported last week that Boston Grand Prix sent a letter to investors, vendors and the national IndyCar organization asking for money to stave off bankruptcy.On Tuesday, Boston Grand Prix said it had no choice but to seek the protection of U.S. Bankruptcy Court.In a statement, the group said, "...a full refund will not be possible without the cooperation of third parties including IndyCar and others who have been unwilling to participate." The organization said it only has $10,000 in cash. 5 Investigates reviewed the 137 page bankruptcy filing, which shows that the income for Grand Prix of Boston in 2015 and 2016 totaled $3.259 million and was collected from sponsors and ticket holders. The majority of the income came from tickets, which brought in a total of $1.963 million. According to the filing, 39 percent of the money that came in went to Casey, former CEO Mark Perrone and four other companies for salaries and fees. Casey and his company, Casey Summit LLC, were paid more than $420,000 for salary, consulting fees and expenses. Perrone was paid $130,000 for salary and consulting fees. The National IndyCar organization and other companies also received money for fees, products and other work. Boston Grand Prix continued to lay blame on others for the road race fiasco, stating: "Due to events and circumstances beyond BGP's control, the race event was cancelled by the city and IndyCar without regard to the impact on ticket holders and other affected parties."But both IndyCar and the city of Boston have repeatedly said it was Boston Grand Prix, led by its CEO, John Casey, who pulled the plug on the race. The mayor office's said at that time Boston Grand Prix was "unwilling or unable to meet the necessary requirements to hold an event of this size."The state Attorney General’s office has taken steps to sue Boston Grand Prix, Casey and IndyCar.The next step in bankruptcy court will be for a judge to appoint a trustee to oversee the case.Statement from Cyndi Roy Gonzalez - Attorney General's Office"Boston Grand Prix's bankruptcy filing today does nothing to prevent us from our continued efforts to find out where the money ticket holders spent has gone and to aggressively pursue a refund for those consumers. We will continue to seek information from all parties involved and take whatever action is necessary to get the money back for those who purchased tickets."Get the WCVB News App