and harder every year in this dying economy
Posted on 08/05/2009 7:57:45 PM PDT by Chode
This will be a general purpose thread for F1 news and pings that really don't require a thread of their own.
Lol! A buck seventy for a 3-day pass isn't *that* bad.
F1 cars through the corkscrew...now that would be a sight to behold.
Sad state for non Nascar tracks in the USA, very difficult to make a profit.
and harder every year in this dying economy
That is stupid. Nobody but God can control the weather.
Aside from that Austin is a lefty hellhole and always will be “berkley on the colorado” and following the lefts SOP they gotta place blame. This guy was the scapegoat and the next one will get canned for some other problem that the is no control over.
100%
Questions about future of Formula One’s U.S. Grand Prix as Texas cuts funds
The Associated Press 8:39 p.m. EST November 11, 2015
AUSTIN, Texas (AP) — Texas Gov. Greg Abbott’s office said Wednesday it is cutting nearly $6 million in funding for the United States Grand Prix, raising questions about the race’s future just four years after Formula One put what many saw as a permanent footprint on American soil.
Officials at the Circuit of the Americas, a $300 million track built specifically to host the race, have said they already took a major financial hit this year when storms nearly wiped out two days of the race weekend in October.
Track officials have said they were promised $25 million per year for 10 years from the state’s portion of the Major Events Trust Fund, public money spent largely to pay Formula One’s commercial management for the right to hold the race. That deal was worked out with former Gov. Rick Perry and former state Comptroller Susan Combs.
But Perry and Combs are no longer in office and the trust fund was moved this year to Abbott’s office.
snip
courtesy of truth_seeker, wonderful, just frickin just wonderful...
Well, if F1 doesn’t stick around, maybe IndyCar could race there...
LOL!!! tooo funny...
i don't understand why they aren't already running there
“Since its GP debut in 2012, the Austin track has received $25 million per year from the Texas state government based on the economic value of F1 to the region. But following the arrival of a new governor earlier this year, the formula used to calculate the economic impact has changed and an audit of how the fund distributed was carried out.
As a result, the state feels F1 is worth 20 percent less to Texas than previously believed and has therefore cut the funding to $19.5 million. This has hit COTA hard, especially considering falling attendances since 2012, an annual rise in the race-hosting fee and losses at this year’s event because of bad weather.”
http://www.racer.com/f1/item/123568-austin-f1-future-not-looking-good
if the race organizers can’t come up with the other $5.5 mill too bad- shouldn’t come from the taxpayers pocket...at what point do you say is the insane price to hold an F1 race worth it??
they run at Texas Motor Speedway, the oval...
http://www.marketwatch.com/story/this-is-how-your-tax-dollars-paid-for-the-super-bowl-2015-01-29
and there are 10 NFL games a year (8 regular season/2 pre-season) and the stadiums are used for college games, soccer games, concerts, tractor pulls, monster trucks, etc, etc, etc, etc...
F1 is once a year at COTA...
Check the calendar of events at COTA, busy place.
do all the events have a $25 mill price tag? or is that just the fee for a single F1 race at COTA?
2. The F1 fee to COTA was $30 million for the 2015 race and will increase to about $33.6 million.
But lets look at say Houston's sport teams. The City of Houston (ie taxpayers) provided a billion dollar bond to build three stadiums,one each for football, baseball and basketball. Then to get the super bowl in 2004 Houston built a light rail system. The cost was $324 million.
So at 25 million dollars per year it will take the state over 52 years just to match what the City of Houston spent on three sports!
So let's talk about other sports sponsored by taxpayers.
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