As expected, the Board of Estimates this morning approved Race On LLC as the latest organizer of the Baltimore Grand Prix.

The agreement gives the newly-formed company, headed by James “J.P.” Grant and Gregory K. O’Neill, the right to conduct an annual Indy Car and/or American Le Mans Series event on downtown streets over the next five years.

The only surprise was City Comptroller Joan M. Pratt, who voted for the agreement, along with Mayor Stephanie Rawlings-Blake and her two appointees, Public Works Director Alfred Foxx and City Solicitor George Nilson.

Three months ago, Pratt opposed the Grand Prix contract with Downforce Racing, saying it was not in the city’s best interests.

The new agreement is nearly identical to the Downforce agreement, which was terminated last week due to nonperformance.

Pratt said she supported the new promoters because the city would get $350,000 upfront from the promoters and city and state taxes would be protected by a “lockbox” agreement.

Pratt also singled out Grant for praise as an outstanding businessman and civic leader.

Grant, who runs Grant Capital Management, has been a major player in citywide elections. The Brew pinpointed him as the largest single contributor to the Rawlings-Blake election last year.

Grant has also been a generous donor to Pratt, pouring $9,000 into her prior campaigns (she usually runs unopposed) as city comptroller.

As expected, Bernard C. “Jack” Young voted against today’s agreement. The City Council president has been a vocal opponent of the Grand Prix, saying it is diverting City Hall’s attention from more pressing issues.

In a statement today, Rawlings-Blake called the race “a great event” that positively showcases the city to the world and provides tens of millions of dollars of economic impact.

She described Race On and its partner, Andretti Sports Marketing, as “world-class” organizations who “have what it takes” to put on the event, just 109 days away.