After lots of rumor, the Circuit of the Americas, United States Grand Prix from 2012 onwards, Austin track get received financial backing from the State of Texas. It’s published by The New York Times on Saturday, a group of promoters – including circuit head Tavo Hellmund and former San Antonio Spurs basketball team owner Red McCombs – are to receive $25m (£15.4m) from the state’s Major Events Trust Fund.
“I think it’s a one-of-a-kind thing for our state,” McCombs commented. “I enjoy seeing world-class events made possible. It’s the biggest thing in every country when it runs, except here, and we’ve never really given it a full course of its own. To me it’s a Super Bowl every year.”
The payment – the first of ten annual subsidiaries – has been submitted in a promise to pay taxpayers back with jobs, tourism and other economic benefits.