Circuit Of The Americas To Suspend Construction Due To Contract Issue
#1
11-15-2011, 07:37 PM
Circuit Of The Americas To Suspend Construction Due To Contract Issue
Construction at the Circuit of the Americas Suspended
Text by Dana Larkin
The Circuit of the Americas released a statement today announcing that they will be suspending constrcution of the circuit until a "contract assuring the Formula 1 United States Grand Prix will be held at Circuit of The Americas in 2012 is complete." Terms with Formula 1 regarding the circuit's construction timetable appear to be elusive.
Despite construction being underway for several months, Formula 1 has apparently failed to deliver the necessary race contracts. As a result, all work has been suspended and will not resume until the contracts have been fully executed.
“We have spent tremendous resources preparing for the Formula One and MotoGP Championship races, but the failure to deliver race contracts gives us great concern.” Said Bobby Epstien - founding partner of the circuit.
Furthermore, local Austin government officials have expressed doubt over funding the race. “I am concerned with reports that have come out over the weekend regarding possible problems with the Texas race even taking place.” Susan Combs said. Combs is the Texas state comptroller. “If and when an application is received, we will do an extensive review of the application to ensure taxpayers are protected, and also to determine if this will have a positive economic impact for the taxpayers of Texas.”
Formula 1 boss Bernie Eccelstone has also expressed concerns about whether the race in Austin will actually take place. “Austin? I wouldn't want to put my money down that that will happen,” he said ahead of the Abu Dhabi Grand Prix. “I hope it will and we are doing our best to make it happen, but I wouldn't want to say yes. For New York [scheduled for 2013] no problem at all," added Ecclestone.
The finger pointing continued last week when Race promoter Tavo Hellmud had the following to say regarding the issue: “It is now the responsibility of the Circuit of the Americas to make this project happen before Mr. Ecclestone's patience runs out.”
The US Grand Prix is scheduled to take place in Austin on November 18, 2012.
Text by Dana Larkin
The Circuit of the Americas released a statement today announcing that they will be suspending constrcution of the circuit until a "contract assuring the Formula 1 United States Grand Prix will be held at Circuit of The Americas in 2012 is complete." Terms with Formula 1 regarding the circuit's construction timetable appear to be elusive.
Despite construction being underway for several months, Formula 1 has apparently failed to deliver the necessary race contracts. As a result, all work has been suspended and will not resume until the contracts have been fully executed.
“We have spent tremendous resources preparing for the Formula One and MotoGP Championship races, but the failure to deliver race contracts gives us great concern.” Said Bobby Epstien - founding partner of the circuit.
Furthermore, local Austin government officials have expressed doubt over funding the race. “I am concerned with reports that have come out over the weekend regarding possible problems with the Texas race even taking place.” Susan Combs said. Combs is the Texas state comptroller. “If and when an application is received, we will do an extensive review of the application to ensure taxpayers are protected, and also to determine if this will have a positive economic impact for the taxpayers of Texas.”
Formula 1 boss Bernie Eccelstone has also expressed concerns about whether the race in Austin will actually take place. “Austin? I wouldn't want to put my money down that that will happen,” he said ahead of the Abu Dhabi Grand Prix. “I hope it will and we are doing our best to make it happen, but I wouldn't want to say yes. For New York [scheduled for 2013] no problem at all," added Ecclestone.
The finger pointing continued last week when Race promoter Tavo Hellmud had the following to say regarding the issue: “It is now the responsibility of the Circuit of the Americas to make this project happen before Mr. Ecclestone's patience runs out.”
The US Grand Prix is scheduled to take place in Austin on November 18, 2012.
Last edited by Barrister; 11-15-2011 at 07:52 PM.
#6
11-15-2011, 08:06 PM
#9
11-15-2011, 09:26 PM
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The questions about the planned United States GP in Austin, raised by remarks made by Bernie Ecclestone in Abu Dhabi, have resulted in some interesting public revelations in Texas. The state Comptroller Susan Combs confirmed that no state funds would be paid out in advance of the event. The plan had been for the first year payment to be made before the event and then money coming in would offset the investment. It seems that this is also part of a dispute between the Circuit of the Americas and Tavo Hellmund, who holds the contract to run the race.
The questions about the planned United States GP in Austin, raised by remarks made by Bernie Ecclestone in Abu Dhabi, have resulted in some interesting public revelations in Texas. The state Comptroller Susan Combs confirmed that no state funds would be paid out in advance of the event. The plan had been for the first year payment to be made before the event and then money coming in would offset the investment. It seems that this is also part of a dispute between the Circuit of the Americas and Tavo Hellmund, who holds the contract to run the race.
Last edited by st00ge; 11-15-2011 at 09:28 PM.
