INDIANAPOLIS, Ind. — The Angie’s List Grand Prix of Indianapolis will have a new name starting in 2016.
Indianapolis Motor Speedway confirmed Monday that Angie’s List will no longer sponsor the event, which they now refer to as “IndyCar Grand Prix.”
“We’re thankful for the help of Angie’s List in getting a new event up and running and have enjoyed the last few years of partnership,” said an IMS official. “Moving forward, we believe the new event name presents an opportunity to better position and explain the race to fans and potential partners.”
Angie’s List began sponsoring the event in 2014, but it has been facing some problems recently.
Earlier this month, employees at the company’s East Washington Street campus confirmed to CBS4 that layoffs had begun. They estimated that nearly 300 people would be laid off at the end of the process.
Angie’s List never confirmed the layoffs, but they came days after the company reported a loss of $16 million in their third quarter earnings.
They issued the following statement when asked about the reported layoffs:
As we covered on the earnings call yesterday, we’re always looking to drive efficiencies and have identified another $15-$20m in savings. These are primarily workforce related and targeting non-revenue generating headcount.