F1: US GP In Question As Work Suspended At COTA

Formula 1

F1: US GP In Question As Work Suspended At COTA

Further construction of the Austin GP venue has been suspended pending a contract that assures the event will be held...

Adam Cooper | http://www.speedtv.com | Posted November 15, 2011 Balen (BEL)

Construction on the Austin GP site has come to a temporary halt. (Photo: Courtesy of Tavo Hellmund)

Work on the Circuit of the Americas in Austin has been stopped indefinitely, the company behind the USGP venue has confirmed.

A statement says that the stoppage is pending a contract with Bernie Ecclestone being completed.

It’s understood that Ecclestone offered a new contract to COTA in the light of a dispute between the organization and Austin promoter Tavo Hellmund, who holds the original contract for the event.

The news comes on the heels of a statement earlier Tuesday from Texas State Comptroller Susan Combs, who confirmed that the $25 million in state funding – crucial to the running of the event – is by no means guaranteed.

The COTA statement reads as follows:

“Organizers of Circuit of the Americas, a premier motor sports racing and entertainment venue being developed in Austin, Texas, are suspending further construction of the project until a contract assuring the Formula One United States Grand Prix will be held at Circuit of the Americas in 2012 is complete. The race contract between Formula One and Circuit of the Americas has not been conveyed to Circuit of the Americas per a previously agreed upon timetable.

“While construction at Circuit of the Americas has progressed as scheduled with over 300 workers at the construction site daily, all work will suspend immediately. The delivery of the Formula One Grand Prix race contract will allow construction operations to resume.

“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 Epstein, founding partner of Circuit of the Americas. “We believe the United States is vital for the future of Formula One and its teams and sponsors. Given the purpose-built Tilke design, creating a unique fan experience and iconic challenge for drivers, we hope that Texas will not be left behind. Over 100,000 fans have expressed an interest in purchasing tickets for Formula One alone.”

“It is in the best interest of all parties to reach a timely resolution,” said Red McCombs, chairman of McCombs Enterprises and founding partner of Circuit of the Americas.

“Local businesses, fans and the State of Texas are counting on us.”

Adam Cooper notched up his 26th season as a racing journalist in 2010. He has written about F1 for SPEED.com since 2005. Follow him on Twitter.