Toronto will once again play host to an open-wheel race in 2009 after Andretti Green Promotions agreed to purchase the assets of the former Grand Prix of Toronto.
Terms of the sale were not revealed.
As a by-product of the sale, Andretti Green Promotions has established Andretti Green Toronto, which will stage its first IndyCar event in 2009.
"We are very excited to be coming to Toronto," said Andretti Green Racing co-owner Michael Andretti, a seven time race winner in Toronto.
"As a driver, Toronto was always my favorite race of the year and it will be no different as a promoter. The fans are some of the most enthusiastic you'll ever be around and we're looking forward to building on the great history of this event."
Since 1986, Toronto had played host to a CART/Champ Car race up until 2007. Following the open-wheel unification, Toronto was left off the 2008 schedule due to a conflict of dates with the IRL event at Watkins Glen.
"To have Indy car racing return to the streets of Toronto is very exciting for the city, the community and our partners," said former Grand Prix of Toronto CEO Charlie Johnstone, who will now assume a role with Andretti Green Toronto.
"Everyone at Andretti Green share great passion for this event, which will certainly ensure the continuation of an outstanding racing tradition for years to come. We look forward to once again putting Toronto on the world stage and delivering an epic event."
Toronto will now join Edmonton as the only two Canadian stops on the IndyCar Series schedule.