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  1. #1
    Believe. CubanMustGo's Avatar
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    no joke ... starting in 2012 and supposedly a new track will be built to hold the event. Unanswered is who is actually paying for this ...

    http://www.formula1.com/news/headlin...0/5/10824.html

    Formula One World Championship Limited and Formula One Administration Limited (together, the F1 Commercial Rights Holder) and Full Throttle Productions, LP, promoter of the Formula 1 United States Grand Prix™, announce that a historic agreement has been reached for Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021.

    “We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder. We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix™ in Austin, Texas as a prestigious global event,” stated Tavo mund, Managing Partner of Full Throttle Productions, LP.

    Bernie Ecclestone, President and CEO of the Formula One Group stated: “For the first time in the history of Formula One in the United States, a world-class facility will be purpose-built to host the event. It was thirty years ago that the Formula 1 United States Grand Prix™ was last held on a purpose-built permanent road course circuit in Watkins Glen, NY (1961-1980), which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval. Lewis Hamilton won the last Formula 1 United States Grand Prix™ in 2007, signalling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for Formula One in the US.”

    Mr. mund added: “This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the ‘it’ cities in the United States. Austin features that rare combination of ideal geographic location and beauty. Its fine dining, world-renowned hospitality and excellent transportation infrastructure make Austin ideally suited to host and manage an event of this magnitude. Few cities if any in America could rival the connectivity of all the key elements needed for hosting a Formula 1 event as well as Austin. Now, many people around the world will have the opportunity to experience a world-class event, facility and city.”

    “We are pleased Texas has the opportunity to be involved with Formula 1 and that an event of this magnitude is coming to Austin,” said Susan Combs, Texas Comptroller of Public Accounts. “It has been a pleasure working with Full Throttle Productions, LP and Mr. mund on this project. Their tradition of producing successful major events coupled with a thirty year relationship with Mr. Ecclestone has us looking forward to this worldwide event and the benefits it will bring, including local job creation, increased tourism and a significant economic impact added to our state economy. The visibility and prestige of this event will spotlight our state on an international stage.”

    Texas Governor Rick Perry conveyed his enthusiasm for the project, explaining “Texas’ relatively strong economy continues to draw both national and international attention and I commend Comptroller Combs for her work in bringing this exciting event to the Lone Star State.”

    City of Austin Mayor Lee Leffingwell continued the positive sentiments, adding "The City of Austin will be proud to host this magnificent event and I look forward to welcoming the participants and fans of Formula One to our City."

    Full Throttle Productions, LP acknowledges with great appreciation the efforts of all parties involved including Bernie Ecclestone, President and CEO of the Formula One Group, and the local and state officials of Texas.

    “It has been a shared vision and monumental task to reach this agreement. We realize that over the last 30 years there have been one or two missing pieces from the previous editions of the Formula 1 United States Grand Prix™. We have a tremendous opportunity at hand to do it right - to feature Austin as the backdrop and produce the Formula 1 United States Grand Prix™ as one of the great sporting events in the world,” stated mund.

  2. #2
    TheDrewShow is salty lefty's Avatar
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    Too bad the end of the World is in 2012......

  3. #3
    Owned by cats JudynTX's Avatar
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    That's cool.

  4. #4
    Believe.
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    That is seriously major, major, major news. Those events will bring in tons more money that ACL, SxSW or anything else ever could. The question is how much will the city have to spend to get the track. I believe cities already have to pay a ~$20mil fee to host it yearly.

  5. #5
    Believe. CubanMustGo's Avatar
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    Here's the deal - they say it's going to be totally privately funded. Say $250M, the cost of a new F1 track that was just built in S Korea. Now go google Full Throttle Productions, LP. About all I can find is that they held a few races at Thunder Hill - where the is all the money and expertise is going to come from?

    Unless Michael Dell is a silent partner, I just can't see it coming to fruition by 2012 (if ever). I'd love to see it, you could have all kinds of racing at such a track, but lordy that's a lot of dough.

    As far as the annual cost ...

    A state tax-incentive program — known as the Texas Major Events Trust Fund — is intended to reimburse cities for the costs they bear by hosting profitable events, such as a Formula One race or the Super Bowl, which will be held in Arlington in 2011. The host city, county or organizing committee applies for the money. Senate Bill 1515, authored by Watson, specifically added Breeders Cup and F1 races as eligible events.

  6. #6
    Owned by cats JudynTX's Avatar
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    Maybe this opens the door for a Indy Race in Austin too!

  7. #7
    Believe.
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    Here's the deal - they say it's going to be totally privately funded. Say $250M, the cost of a new F1 track that was just built in S Korea. Now go google Full Throttle Productions, LP. About all I can find is that they held a few races at Thunder Hill - where the is all the money and expertise is going to come from?

    Unless Michael Dell is a silent partner, I just can't see it coming to fruition by 2012 (if ever). I'd love to see it, you could have all kinds of racing at such a track, but lordy that's a lot of dough.

    As far as the annual cost ...
    I eventually read/found all of that too. The undertaking of a circuit being built by 2012 is a major one so that'll be interesting to see. At least it's not tax-payer dependent, etc. I liked the comparison someone made that this is equivalent to winning an olympics, but it's yearly. Fair comparison because some olympics eat money, some provide/produce insane money... will be interesting to watch what this brings.

    Maybe this opens the door for a Indy Race in Austin too!
    I would think that would be one of many almost guarantees... I'd think a MotoGP race would be assumed too. They race in Indy and Laguna Seca right now... I could see the Indy race coming here. Depending on how the track is built, it could also host a NASCAR race (though I'd think that'd be a bit of a stretch).

  8. #8
    Owned by cats JudynTX's Avatar
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    I would think that would be one of many almost guarantees... I'd think a MotoGP race would be assumed too. They race in Indy and Laguna Seca right now... I could see the Indy race coming here. Depending on how the track is built, it could also host a NASCAR race (though I'd think that'd be a bit of a stretch).
    I would support all the races in Austin.

  9. #9
    Believe. CubanMustGo's Avatar
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    Update: organizers say they have a site (few specifics - 500+ acres near Toll 130 corridor) and design team signed up:

    http://www.statesman.com/news/local/...ys-711472.html

    State of Texas will give a $25M subsidy in year one for operating costs (funds to governmental agencies to offset their costs, etc., not going to organizers or track owners).

    Still unsaid: where the money is coming from to build it. And the guy in charge is already backsliding on the 2012 initial race, saying "if it slips, it slips."

  10. #10
    Believe.
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    Still unsaid: where the money is coming from to build it. And the guy in charge is already backsliding on the 2012 initial race, saying "if it slips, it slips."
    It'd be interesting to see them put it in downtown on the streets for a year or two (a la Monaco, etc) while the track was being built if not complete in time.

    IIRC, SA had an Indy-style race on the downtown streets in like the 1990 range (give or take a couple of years)... it obviously wasn't F1 but maybe whatever the IRL league was then. Anyone else remember this or am I totally trippin?

    *edit - the internet is my friend...

    third annual Nissan Grand Prix of San Antonio
    http://en.wikipedia.org/wiki/1989_IM...ionship_season
    http://www.youtube.com/watch?v=02AcY3UD8Ls

  11. #11
    Believe. CubanMustGo's Avatar
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    Interview with Bernie:
    http://adamcooperf1.com/2010/05/28/b...c-want-to-see/

    Q: Even in Texas finding $200m to build a circuit isn’t easy…
    A: “He’s done it, otherwise he wouldn’t embark on it.”

  12. #12
    Believe. CubanMustGo's Avatar
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    Interview with Austin F1 organizer mund: financing lined up, planning underway for three years, track will be ready by 2012 (still no details to any of this):

    http://www.statesman.com/news/local/...Trk=RTR_504016

    Tavo mund, the promoter planning to bring Formula One racing to Austin, said Friday that he's certain his track and grandstand can be completed in time for a 2012 Grand Prix race.

    mund also said Friday that the facility could be built for $250 million or less and could be used for concerts, festivals and auto testing.

    In a 90-minute interview in his attorney's office, mund told reporters that his investor group is in place — though he declined to give any names or specific figures — and predicted the F1 event, slated to run through at least 2021, would annually draw 300,000 fans for the race weekend.

    Still unknown three days after Formula One Group CEO Bernie Ecclestone broke the news of F1 racing in Austin: the exact location of the proposed racetrack. mund's attorney, Richard Suttle Jr., has said only that it is a "safe assumption" that the land, in excess of 500 acres, lies along the Texas 130 corridor.

    mund, managing partner of Austin-based Full Throttle Productions, also revealed how he managed to keep the project one of the best-kept secrets in Austin and the motorsport world. Although mund took German engineers to business lunches at public places such as Kreuz Market in Lockhart and the Salt Lick, the engineers and almost everyone else he worked with signed nondisclosure agreements.

    "There isn't a person that wasn't either Bernie or Formula One management or the few officials here in Texas that didn't sign an NDA ," mund said.

    The former race car driver has been in something of a scramble mode since Ecclestone announced the Austin Grand Prix on Tuesday, perhaps two weeks before mund and his group were ready to release details. There has been skepticism from some experts in the motorsport industry about whether it's possible to get this country's only Grand Prix race up and running by 2012.

    mund maintained that he's three years further along in the process than most people realize. He said he's had the land secured for "a good while" and that 90 percent of the planning is done.

    mund said Ecclestone, the most powerful figure in the worldwide sport of F1 racing, is a family friend he has known since he was 2 or 3 years old. As a teenager, mund worked for Ecclestone's racing team, doing the menial and dirty jobs no one else wanted to do, but getting to travel around Europe as part of the bargain.

    Later, the two stayed in touch, having dinner about once a year, mund said. At one such get-together, he asked Ecclestone if he would consider coming back to Texas. Dallas had a problem-plagued Grand Prix in 1984.

    mund said, yes, that Texas was a big state with a strong economy.

    However, Ecclestone picked Indianapolis to host the U.S. event beginning in 2000. When Indianapolis and Ecclestone parted ways in 2007, mund flew to Belgium to catch Ecclestone at a Grand Prix race. He pitched Austin as a venue, stressing its proximity to Dallas, Houston and San Antonio, a population triangle with close to 20 million people. Ecclestone told mund that he needed to get some government officials on board.

    mund said he made an appointment with state Comptroller Susan Combs and later gave her a packet on F1 racing. He said Combs told him she liked the idea and asked what the state could do.

    "Will you build a facility?" mund said.

    That wasn't in the cards. Then Combs mentioned the state's Major Event Trust Fund, designed to help cities attract events. "I didn't know jack about what she was talking about," mund said, but he started researching it. The state has since pledged $25 million a year from the fund, which reimburses local governments for the costs they bear in hosting such events.

    mund also continued to work on Ecclestone, who was considering about half a dozen bids from various cities, including New York, Las Vegas, Palm Springs and Miami.

    "I knew I had an inside track with Bernie so I probably made seven or eight, nine trips" to Europe in 2008 or 2009, mund said. "I had to do a heck of a sales job."

    mund also went to Germany to talk with Tilke GmbH , the engineering firm that designs most modern F1 tracks. "They're the only ones who can do a facility of this magnitude," mund said.

    Initially, mund had considered seven potential sites for the track, but by the time Tilke began sending engineers to the Austin area, two years ago, mund had narrowed his search to three plots. He had also lined up his investors, he said.

    "We're done," mund said. "You're worried about investors? There isn't anybody in the world who's got stricter requirements than the Formula One commercial rights holder, and if he (Ecclestone) is satisfied, than everyone should be."

    A key piece of the puzzle fell in place, he said, when Sen. Kirk Watson, D-Austin, authored a bill last year that allows the Major Event Trust Fund to be used for a Grand Prix race.

    Of the Austin track, mund said, "It will be the most modern, user-friendly motor sports facility in the United States, something that we can all be proud of and that can be used for other things."

    After closing the deal with Ecclestone in London, mund said Ecclestone told him, "'You did this the right way.' I said, by keeping my mouth shut? He said, 'It's going to pay huge dividends.'"

  13. #13
    Believe. CubanMustGo's Avatar
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    Today's announcements: Red McCombs named investor; site announced (E of town near ABIA, off 130, as expected).

    With McCombs in the hunt my confidence level that this will actually be built has gone way up.

  14. #14
    dangerous floater Winehole23's Avatar
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    Wednesday was the deadline for the Circuit of the Americas to come up with a $25 million sanctioning fee to bring Formula One to Austin.

    “Mr. Ecclestone received his check today," said Red McCombs, founding partner of Circuit of The Americas. "We want to thank the fans supporting us, the local officials and businesses that have encouraged us, the State of Texas, Circuit of The Americas’ staff and Bernie himself. I want to thank and commend Bobby Epstein for getting us across the finish line. Bobby’s perseverance and leadership kept the project on track despite unfair and unfounded criticism.”

  15. #15
    dangerous floater Winehole23's Avatar
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    Combs under fire for F1 financial role

    Letter offering 'full funding' raising controversy

    Updated: Sunday, 05 Feb 2012, 10:50 PM CST
    Published : Sunday, 05 Feb 2012, 10:36 PM CST


    AUSTIN (KXAN) - The construction countdown is on. Nine months until Formula One is scheduled to race into Austin. Still up in the air - whether state tax dollars will ever be part of the F1 funding formula.
    Questions and controversy stalled the project in November, but construction is back on track for a Nov. 18, 2012, race day. However, questions remain regarding the timeline between Formula One World Championship Limited and the Texas State Comptroller's office .
    It all boils down to one do ent: a letter to Formula One officials from Comptroller Susan Combs dated May 10, 2010. In it, she said “certify” and “full funding.” That wording has prompted a request for a state opinion, asking if the comptroller overstepped her authority.


    Timeline: The politics of F1 Austin


    "OK, let me just state this,” Combs said to KXAN, “a letter of optimism and support is not a contractual obligation. I think that's really important. ... They want to know that at least there's a welcome mat laid out for them."


    When asked if she could have said “extremely interested” instead of “certify,” she said, "No, because it's not a legal term."


    Not a legal term, but the letter also states: "With the understanding that the first Formula One… race will be held in Texas in 2012, full funding... will be paid no later than July 31st, 2011."


    That was to be firm date to indicate Texas was on board with this idea and had the money to get things started. It would be an investment from the Major Events Trust Fund, attracting jobs and tax revenue - a win-win for Texas and Austin.


    Pushback from another state official

    But that's now how Texas Land Commissioner Jerry Patterson sees it.

    "I'm not opposed to it happening,” Patterson said. “I'm opposed to breaking the law."

    Patterson is asking Attorney General Greg Abbott to investigate the way Combs handled that potential funding.


    "Essentially, did the comptroller have the authority to make the commitment that was made in the letter dated 10 May 2010?"


    Combs replied: "I take my job very seriously. I always comply with state law."


    Spelled out in statute

    Sen. Kirk Watson, D-Austin – the lawmaker who wrote the bill that helped get F1 on the list of events eligible for that money – spelled out the statute.
    "There's a very specific process that requires a local government or local organizing committee that has been approved by a local government to first apply,” Watson said.


    Watson's interpretation suggests Combs cannot guarantee the money until organizers or the city apply for it. But those applications did not come for more than a year after she sent that letter.


    "I think some people were wrong in the way they were reading that statute or they just wanted it so badly they kept talking about it,” he said, when asked about Combs' action. "She obviously made a lot of comments that I disagreed with."
    http://www.kxan.com//dpp/news/invest...financial-role

  16. #16
    I love craft beer. Sense's Avatar
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    My dad told me to look into this to try to get some tickets when the time comes.. I wouldn't want to go tbh, but I'd do it for him.. if it ever happens.

  17. #17
    Believe. CubanMustGo's Avatar
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    You can sign up for the waiting list now ($100 deposit):

    http://circuitoftheamericas.com/circ...-now-available

    To reserve your spot on the official Circuit of The Americas waitlist for luxury suite and exclusive seating opportunities please click on the signup link at the top of this page. As you register for the Waitlist, you'll be asked to make a one-time, refundable $100 deposit. This deposit applies to a spot on the waitlist, regardless of the amount of seats you plan to buy.

    Select Seating includes a variety of premium features: covered seating, great sightlines, priority parking, food and beverage options and more.
    Funny because this doesn't say anything about the $1K-$5K personal seat license you have to pay before you actually can buy a seat. The FAQ does.

  18. #18
    Believe.
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    If I had a little more money to throw around, I think I'd go for a PSL there as an investment. I'd bet you could make your money back in a year or two assuming F1 sticks around along with all of the other series planning on coming (MotoGP, etc).

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