Sounds to me that the Race Organization jumped the gun a little. I can understand that, after hearing that the New Owners of PE had declined to support the event.
However, It was Jim Wangers that made the Original offer and He should have been contacted. As I've never seen Mr. Wangers back away from a obligation.
Out of respect to Mr. Wangers he should have been contacted before jumping the gun.
As far as Ron's insight and thoughts on this matter, I'm sure he's 100% correct.
But I do understand the Events staff jumping to find another sponsor when they had thought they lost one.