F1 chief Bernie Ecclestone warns US Grand Prix Organizers be ready or ...
Many people were shocked when Formula 1 officials announced that the United States Grand Prix would return in 2012 in Austin, Texas. The expectation was that the sport would likely come back in a location near New York. Several tracks were thought to be under consideration – including Watkins Glen – along with a temporary circuit in New Jersey. An Austin race was seemingly not in the conversation until the announcement was made.
However, there have been some major concerns about the ability of race promoters to get things together in time for a race in two years. Promoters were given a 10-year contract for the race after they insisted that the race will take place at a new, purpose-built venue. But many people are sceptical that the facility can be built in time for the inaugural race in two years – especially since no work has been done on it yet.
Concerns about the ability of Tavo Hellmund and the other promoters to successfully pull off the race have prompted F1 chief Bernie Ecclestone to publicly comment on the situation. Ecclestone was quoted by ESPN that while he was “confident” that promoters would meet their deadline and that the race would take place in 2012, he also issued a warning to Hellmund and other promoters about what might happen if the race fails to take place on time.
“That's what the contract says,” Ecclestone said. “It might turn out to be expensive for Tavo. We've got some penalty clauses, although I wouldn't want to use them.”
Suspicions about the long-term viability of the Austin Formula 1 race have grown since the announcement of the site as the new home of the United States Grand Prix. Hellmund has estimated that the new track and surrounding facilities would cost $200 to $300 million to complete, although some critics have suggested that this is a very low number. Reporters have pointed out that the Texas Motor Speedway oval track in Fort Worth cost $250 million to build – and that was 15 years ago.
Another concern is that Hellmund has been very tight-lipped about who the investors are that will be fronting the money to build the track and put on the race. Since the track is being built completely with private funds, concerns about where the money is coming from are particularly important to resolve. Some reporters have even started to compare the current United States Grand Prix situation with the failed US F1 team that failed spectacularly earlier this year. Team principals announced the formation of the team with major fanfare and hype but were unable to deliver a team that could claim its spot on the starting grid in 2010.
Formula 1 racing has been absent in the United States since 2007, the year of the last United States Grand Prix run at the Indianapolis Motor Speedway. Track owner Tony George spent at least $50 million to renovate the track and build a road course along the infield, and it seemed like a Formula 1 race at the most famous speedway in the world would be a slam dunk.
However, the race proved to be a bust, with struggles in selling tickets and a rapidly dwindling fan base. The nadir came in the infamous 2005 United States Grand Prix, when concerns over tire wear caused the race to almost be cancelled and the majority of the teams to withdraw from the race just before the start. Only six drivers competed in the race to the anger of fans who showed up to watch a race and wound up seeing a farce. It was the beginning of the end for the Formula 1 race at Indianapolis and set the sport back in America for several years.
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