There was very good news from Baltimore on Wednesday as the City of Baltimore officials approved a contract with Race On LLC and Andretti Sports Marketing for the Grand Prix of Baltimore, August 31-September 2.

Race On is led by Baltimore businessmen J.P. Grant and Greg O’Neill. Andretti Sports Marketing is headed by Michael Andretti.

The event will again be a double-header with the ALMS race on Saturday September 1 and IndyCar on Sunday September 2. The street circuit is set through downtown Baltimore’s inner harbor area.

Last year’s inaugural event drew outstanding crowds but encountered significant debt, resulting in the change of management and event promotion.

“We look forward to helping build an even better event this year,” said ALMS President and CEO Scott Atherton. “We believe this new partnership ensures not only a successful 2012 race, but a long-term future for this outstanding event.”