USGP Austin

[boxster03]

After months of accelerating through Austin City Council meetings and miles of public scrutiny, construction at the Circuit of the Americas track east of Austin has come to a screeching halt because of a contract dispute between the track’s promoters and Formula 1 World Championship.

[Chuck Miller]

Hooking on to Boxster's thread....

So what's go'n on on the ground boys?




[QUOTE]Media reports this week from the U.K. and Texas indicate that Formula One supremo Bernie Ecclestone says he's ready to scuttle the F1 race scheduled for Austin next November, unless he receives a letter of credit or guarantee from Circuit of the Americas executives that he will be paid. Ecclestone set a deadline for a deal at Dec. 7, when the final World Motor Sport Council meeting in New Delhi ratifies the final 2012 F1 schedule.

Ecclestone said Wednesday that a contract held by Tavo Hellmund's Full Throttle Productions for the rights to the race was cancelled recently and that circuit organizers instead have been negotiating with him, according to a report in the Austin American-Statesman. Construction at the circuit in southeast Travis County was halted Tuesday. The Austin paper reported that circuit investor Bobby Epstein said, "I don't know why Formula One would want to kill this race. The money is in place; the project is on time. All COTA needs is for Formula One to convey the original contracts that were in place for a long time."

According to an interview by the U.K.'s Press Association, Ecclestone explained, "Everything was signed and sealed (with Full Throttle Productions), but we kept putting things off like the dates, various letters of credit...but nothing ever happened...Then these other people (COTA) came on the scene saying they wanted to do things...they said they had the circuit and that they wanted an agreement with me. I told them they had to sort out the contract with Tavo...but that has gone away now because we've cancelled Tavo's contract as he was in breach. We've waited six months for him to remedy the breach. He knows full well why we've cancelled." Ecclestone added, "But these other people haven't got a contract. All we've asked them to do is get us a letter of credit" which has yet to be delivered. "If people don't have the money they find it difficult to get the letter of credit, and so we don't issue a contract," Ecclestone concluded.

The Associated Press reported that at a news conference in Austin, Hellmund said COTA investors, including billionaire Red McCombs, are trying to buy out his stake in the race deal. Hellmund blamed investors for jeopardizing the race, saying they failed to meet several financial deadlines.

Adding to the uncertainty, Texas Comptroller Susan Combs announced Tuesday a change in plans to provide $25 million per year in state funds to the project. Funds previously were to be paid at any point, up to a year ahead of the Nov. 18, 2012 race date. Combs now says a first payment would not be made until after the F1 race is held. The Austin paper said Combs cited "recently publicized disagreements between the race right holder and the circuit developers," slowdowns at the construction site and the F1 race recently slated for New Jersey as reasons for concern. To date, no state funds have been spent on the F1 project.



[/QUOTE]

[72targa]

Reminds me a little of Ontario Motor Speedway...

[jpnovak]

Roller Coaster ride.

AS of This morning.

"The international Formula One racing calendar is set, and the inaugural United States Grand Prix is scheduled to be run in Austin on Nov. 18, 2012."

Austin sports news and Longhorns | Statesman.com

[Aldo]

High five, Jamie-- we're back on!

[boxster03]

a video of track construction/progress

http://weareaustin.com/fulltext/?nxd_id=209027

[serie1926]

http://planetf1.com/driver/18227/744...rcuit-on-track

[fast911s]

Murray Boys up to no good again...checking up on F1 progress
IMG_3849_1 (800x533).jpg

[fast911s]

Turning onto front strait...the top of that hill is twice as steep and tall as it looks IMG_3858 (800x533).jpg

[fast911s]

From top of turn one, headed into turn two...planned for 160mph; IMG_3851 (800x533).jpg