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The Toronto Indy is coming back to the city but not until next summer.

Racing legend Michael Andretti and his partner Kim Green, who run Andretti Green Promotions, have purchased the assets of the Grand Prix Association of Toronto, the organization that operated the Toronto event.

The Toronto Indy was cancelled this year when Champ Car was folded into the Indy Racing League and could not accommodate the event in its schedule.

Seven-time Toronto Indy winner Andretti and Green have created a wholly owned Canadian company called Andretti Green Toronto to operate the event. An IndyCar Toronto series is already in the works for summer 2009.

The official announcement was made Thursday in Indianapolis.