courtesy of truth_seeker, wonderful, just frickin just wonderful...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...