June.20 – New four-million dollar contract having been suggested among F1 commercial rights holders – Bernie Ecclestone’s Formula One Management (FOM) – and the Major actions Trust Fund, according to Mayor of Austin. The brand-new, Hermann Tilke-designed venue – which remains under construction ahead of its F1 debut next year – has been subject to numerous rumours regarding its cost and general upkeep, although Mayor Lee Leffingwell is pleased with the projected agreement.
“This confirms what I’ve been saying all along – that the city would be contributing no upfront money and that the city would not be at risk (financially),” Leffingwell explained to The Austin Chronicle. Formula 1 has agreed to pay the four-million dollar contribution to the Major Events Trust Fund for the full ten years,” added council member Bill Spelman.
Whether or not the deal will go through will be decided in the council’s next meeting on Thursday.
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