>


Advertisement
Rumors
Rumor Rating Description
A rumor rated as 'speculation' is one that has no supporting information
A rumor rated as 'strong' is one where we received information from more than one source.
A rumor rated as 'fact' is one that has proven to be true
A rumor rated as 'false' is one that has proven to be false based on new information
These rumors are just that, RUMORS, and are not to be taken as 'fact' unless so noted.  Please visit our Hot News page for news.  If you have a rumor, or can supply more information about one listed here, e-mail us with as much supporting information as possible and we may post it. User Agreement and Disclaimer. Newer rumors supersede older ones of the same topic.  Go to our forums to discuss any rumor.
for your iPhone
for your iPad

2014 IndyCar Silly Season Page | 2014 F1 Silly Season Page (Coming)

Go to our forums to discuss this news
DATE News (chronologically)
06/08/11
f1
Austin council could scupper 2012 US grand prix  UPDATE Related article, and another article.  Sounds like the USA might see another shot at hosting an F1 race die.  It's simply too expense for even governments to afford in today's economic environment.

06/08/11 (GMM)  US grand prix lawyer Richard Suttle has admitted the Austin City Council has the power to scupper the formula one project.

According to local Kxan news, council members learned this week that they must sign off as the "endorsing municipality" in order for race organizers to access the $25 million per year promised by the Texas government.

That will involve the City of Austin contributing $4 million to the Major Events Trust Fund.

"There is a distinct possibility that if this process doesn't work, that the project and the 1000 people that are working right now, their jobs could be in jeopardy and the event could be in jeopardy," the Circuit of the Americas project attorney Suttle confirmed.

There is no guarantee the Austin council members will play ball.

"Apparently there is no plan B," said one member.  "I think that is an interesting assumption to make that something like that is going to be approved."

Suttle said the first $4 million will be paid by the race organizers, while in future it will be funded by extra hotel, alcohol and car rental taxes paid by spectators visiting Austin.

He admitted that organizers took a gamble that the council would approve the plan.

"We are hoping that it's not just a bet, it's a confidence in our city that they will realize what a benefit this will be for our community and our region," said Suttle.

Austin mayor Lee Leffingwell also acknowledged the risk.

"If it's not approved by the city and council, they (the F1 organizers) will have some assets that are sunk," he told local Kvue news.

"They'd have to go back and make another use of that property."

The council's decision is due later in June, with the organizers' sanctioning fee for 2012 needing to be paid in full to Bernie Ecclestone at the end of July.

Asked if the project could be scrapped, Suttle is quoted by the American Statesman newspaper: "That's a distinct possibility."

Rumors Archives
2000 2001 2002 2003
2004200520062007
2008200920102011
2012201320142015

Search Rumors
Search Help

Banner 10000012