Future of inaugural United States Grand Prix at Texas, Austin appears bleak – Formula 1 reports
The future of the inaugural United States Grand Prix that is supposed to take place at Texas, Austin in November 2012 still appears to be bleak as the construction work on the new circuit has slowed down.
This will be the first Formula 1 race in United States since 2007. The racetrack authorities will be given a grant of 250 million dollars which will be provided to them by the State of Texas for a period spanning over a decade.
Full Throttle Productions that have been co-partnering with NASCAR have been inked as the main sponsors of this event.
The company’s managing partner Tavo Hellmund said, “We are extremely honored and proud to reach an agreement with the F1 Commercial Rights holder. All parties involved have a great amount of trust and confidence in each other and are committed to establishing
the F1 United States Grand Prix in Austin, Texas as a prestigious global event.”
However, recently there has been a growing concern in the Formula 1 circles about a delay in construction work at the circuit due a possible change in the sponsors and management committee of the track.
The Austin Statesman recently revealed, “Construction of the grandstands, paddock and medical centre has yet to start ... [but] developers have maintained they are still on schedule and that building will begin soon on what has grown to a 1,100-acre site.”
It is has been reported that Susan Combs, who is the State’s financial officer- Comptroller, has written to the chief of Formula 1 Bernie Ecclestone. She has discussed with him a transfer of contractual rights to Circuit of the Americas which are currently
held by the Hellmund Group.
The Tavo Hellmund group has thus approached the authorities to know if this would in any way affect the funding they receive for their project.
The US Grand Prix is scheduled to take place in 2012 and hence all issues related to its construction need to be resolved soon so that the work on the circuit gets expedited and the track gets operational before the race takes place.
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