Akron: Soap Box Derby working with bank on debt

AKRON -- President/CEO Jim Huntsman, of the All-American Soap Box Derby, said Tuesday that derby officials are working with First Merit Bank of Akron on a $580,000 note that bank officials want to collect on by Jan. 1.

"It's a debt that we need to repay and we are working with the bank and the City of Akron on it," Huntsman tells Channel 3 News.

Huntsman declined to comment on the derby's assets. Huntsman said derby officials have talked with city officials but have yet to meet with Akron Mayor Don Plusquellic.

"It would be very premature to comment at this point," Huntsman said.

Huntsman said 2009 was the second year in a row that the derby was without a "title sponsor."

"We are working in the same economy as everyone else, a recession, and it is affecting us and those who would be our sponsors as well," Huntsman said.

"We've cut about $410,000 from our operating budget already," Huntsman said. "We are doing what we can."

The All-American Soap Box Derby has been in Akron since 1934. This year was the 72nd annual derby, because the derby was not held the three years during World War II.