Honda was introduced as the title sponsor of the 2010 Edmonton Indy Thursday. The new sponsor could mean the event continues racing in our city for years to come.

The announcement was made by Mayor Stephen Mandel, Northlands president Ken Knowles, and Honda Canada Inc. Executive VP Jerry Chenkin.

Mayor Stephen Mandel says the addition of Honda as a sponsor and the progression of partnership on other fronts could help see the Indy live on longer than expected. But he suggests it wouldn't be at the taxpayers' expense.

"We had to prove to the citizens of Edmonton that it's a sustainable event and I think when all is said and done when the race ends on the 25th, we'll be able to show the citizens of Edmonton this is a sustainable event," said Mandel. "When we close the books off this year, you'll see quite a difference," he added.

The mayor also says the city could look at building a permanent track.

The future of the event has been up for discussion after last year's race left taxpayers on the hook for $3.9 million.

The 2010 Indy runs from July 23 to July 25th at the City Centre Airport.

With files from Joel Gotlib