Ohio-based soap box derby rebounding financially
Friday, July 8, 2011
AKRON, Ohio (AP) -- An official says the Ohio-based All-American Soap Box Derby is on track to break even this year and then start making money after years of financial troubles.
The Akron-based nonprofit derby lost corporate sponsorship and was sued in 2009 by a bank seeking payment on $580,000 in loans. The Akron Beacon Journal reports the city guaranteed the loans, and the derby benefited from increased interest in gravity-powered racing in the area and fundraising by a local commerce group.
Derby President Joe Mazur says the derby is trying to generate money through racing and educational programs.
The derby's financial troubles inspired actor Corbin Bernsen to make a film about a soap box derby racer. It was scheduled to debut Saturday in Akron.
The 74th derby week begins July 18.
Information from: Akron Beacon Journal, http://www.ohio.com