Interpublic Group of Cos. plans to turn off the key on its foray into motorsports, announcing Monday that it struck a deal to terminate its lease at a British track.
But it's going to cost the
agency holding company. Interpublic will pay $49 million between now and as early as Sept. 30 to the British Racing Drivers Club for the right to terminate a least at the Silverstone auto racing track
between Nov. 1 and Dec. 15.
Chief Executive Officer David Bell said Interpublic hopes to be out of the motorsports business by the end of the year.
"This has been an important priority for
the new management team," Bell said in a statement. "We are very pleased that the end of this ill-fated foray into venue ownership is finally at hand."