INDYCAR: Questions linger over Boston GP finances

In May, Boston Grand Prix organizers – a group wholly independent from the Verizon IndyCar Series – canceled the inaugural event scheduled for Labor Day, citing a lack of support from City Hall, among other obstacles, that led to abandoning the race months before its debut. Lingering financial effects from the cancellation, including covering race ticket reimbursement for fans that paid to attend, have been problematic, and with the race promotion group filing for bankruptcy, a new obstacle has been added.

Although WCVB's efforts to learn about the free-spending ways of the Boston Grand Prix promotors by attending three days of bankruptcy court proceedings, some of the lost money has been documented.

"Records show the company spent nearly $20,000 on luxury boxes at the Boston Garden for a Bruins [NHL] game and a Bruce Springsteen concert, as well as money for junkets to Indy races in California and Florida," WCVB found.

Boston Grand Prix CEO John Casey has been the person providing answers to the court, and by the looks of it, the information has been less than flattering.

"Under oath before the bankruptcy trustees' attorney, he said he paid himself more than $608,166 and claimed he is still owed another $377,834," according to the report. "That would amount to nearly $1 million in compensation for Casey for over 18 months."

And per WCVB, the spending continued: "Casey also testified he regularly paid his own personal bills out of company bank accounts, including $8,200 for his personal home mortgage and a legal bill paid on his behalf to a lawyer in Utah. Boston Grand Prix also paid for Casey's Porsche, which he is still driving, $6,000 for two business suits and $2,500 for a Boston College Club membership.

"The company even paid off a debt for one of Casey's other businesses, Laser Leasing, which had nothing to do with the race. He claimed in testimony that these and other payments on his behalf were actually part of his compensation."

In one of the more shocking revelations provided by WCVB, a lack of proper accounting for Boston Grand Prix's income and expenses was uncovered during an exchange between Casey and a bankruptcy lawyer.

Attorney: "There were no other books and records that Boston Grand Prix kept for the company?"

Casey: "No."

Attorney: "Did you keep a log of invoices that came in?"

Casey: "No, I did not."

Attorney: "So you kept a list of accounts payable in your head?"

Casey: "Yes."