Circuit of the Americas agree to pay sanction fee to Formula One Management – Formula 1 news
The circuit of Americas has agreed to pay up Formula One Management, but is not willing to agree to all of the terms and conditions stipulated in the revised contract.
The Austin circuit has been marred by financial hurdles, and brought to the brink of being cut off entirely from the 2012 Formula 1 calendar. It was a couple of weeks ago, that it was revealed the construction work of the circuit had come to a halt, and
though initially denied, it was later confirmed that the contract for a Formula 1 race at the venue was in breach and nullified.
F1 supremo Bernie Ecclestone exposed the nature of the situation and explained that the organisers of the circuit had not paid the amount owed even after several warning letters had been sent. Race promoter Tavo Hellmund confirmed that the organisers were
at fault and failed to abide by the terms and conditions of the contract.
Ecclestone gave the circuit organisers one week to pay the sanction fee upfront and the Circuit of Americas have responded positively but there still are some apprehensions towards a few stipulated terms in the contract, to which Bobby Epstein responded
that they are absurd.
“We have been ready to send Mr. Ecclestone a sanctioning fee check for some time now,” Epstein said. “He hasn't received it yet because the new contract presented to us two weeks ago contained unrealistic and unfeasible demands.”
While Bernie Ecclestone also responded to the situation and said, “It's normal. They have been messing around now for four months, there's two partners arguing and two different groups arguing with each other and in the end none of them have got the money.”
When it was put to Ecclestone that the circuit had said his terms were unrealistic and unfeasible, the F1 supremo responded, “Yeah, well they shouldn't sign it. My advice to them is don't sign it. And they probably won't get the opportunity.”
So there are still some clouds over the certainty of a possible Grand Prix at the venue for the 2012 season, and it still remains to be seen how things shape up.
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