F1 investments approaching $200 million mark Funding for the Circuit of the Americas has now reached almost $200 million. A recent filing with the Securities and Exchange Commission shows Circuit of the Americas LLC has received $90 million from 17 lenders.
"The proceeds from the offering will be used for general capital working purposes," the filing said.
No money from the loan will be used to pay the circuit's executive officers, directors or promoters, according to an estimate on the form. The filing did not list the lenders, say whether they were individuals or financial institutions or whether any were based in the United States.
In addition to the loans, an SEC filing earlier this week showed COTA Racing & Entertainment had raised $94.3 million from 24 investors, all of whom invested at least $100,000.
Last March, an SEC filing disclosed that $12.5 million had been raised for Austin Formula 1 Racing and Entertainment LLC from 10 investors.
The 3.4-mile circuit under construction in southeastern Travis County is scheduled to host a Formula One Grand Prix on Nov. 18. Work on the $300 million project continued Thursday. There, the three-story paddock, or team garage area, is divided into six zones. Construction on the first three zones began earlier and now the second stage of construction is getting in gear at zone six at the far end of the paddock. The Statesman
Copyright 1999-2013 | AutoRacing1 is an
independent internet online publication and is not affiliated with, sponsored by, or endorsed
by IndyCar, NASCAR, FIA, Sprint, or any other series sponsor.
This material may not be published, broadcast, or redistributed without