Aeronautics: Races for Sale

Of twelve national air races held in the U. S. only two have made money—Cleveland's in 1929 ($100,000), Chicago's in 1930 ($30,000). On the strength of its success, Cleveland persuaded the National Aeronautic Association to let it keep the races for five years beginning 1931, with option to renew for five years more. Each year National Air Races of Cleveland Inc. would pay the N. A. A. a $12,500 "sanction fee."

In 1931 the Cleveland races lost $100,000, largely through writing off the cost of permanent buildings. Last year the loss was $17,000....

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