multi21

Government unsure over USA F1 budget
19 April 2011It has been revealed that the future home of the United States Grand Prix has lost government backing of 25 million dollars (15.4 million pounds). As reported by Austin’s NXAN, newly-named Circuit of the Americas received the news from the Senate Finance Committee following a suggestion from Den Patrick. However, it is possible that the funds could yet be restored.

“At a time when people are stressed about their schools, stressed about their jobs, stressed about health care and nursing homes, for us to check off 25 million for race cars - I think we make people say where are their priorities,” Houston Republican Patrick told KXAN.

“That 25 million would pay for 500 teacher salaries - how can we explain to people we're spending that money on race cars?”

According to publication The Austin Statesman, although senators have been described as 'very sensitive' towards the F1 project, it is possible that the money can reinstated at a later date.

J richard

****** fugger!...

Toby Pennycuff

Dan Patrick is a Republican/Tea Party STATE Senator from Houston. The discussion and "vote" emanated from debate around the budget for the State Comptroller's office. It's not clear that this "vote" will have any direct effect on the manner in which the Comptroller spends dollars to drive economic efforts within the state. The funding contemplated for F1 would come from some of the same general accounts that were used to fund the Final Four efforts recently concluded in Houston.

Just another ho-hum day in Texas politics. Until the money is pulled by the Comptroller, I would not get in too much of an uproar.

Frank Bullitt

Just a blip in the road.

Nordschleife

as this is the Circuit of The Americas or some such, perhaps "The Americas" will fund it....

From an outsider's perspective, this project has always looked underfunded and outside the culture of F1.

F1 culture would have the race somewhere with a sense of Glamour. Austen is nice, and virtuous and all those good things, but its not in the Bay Area, or NYC, or Chicago, or Boston or N'Orleans. In a strange way Watkins Glen had charisma.....

If the circuit was in one of the BRIC nations we would expect Government funding......

R+C
(the outside view)

ltc

Dear Red McCombs,
Write a check for $25 million and be done with it.
Love,
Bill Gates

http://en.wikipedia.org/wiki/Red_McCombs

mobonic

this is too bad, short sighted.. as the 10 year contract would bring more than 25 million back into the Austin/Texas economy through hotel bookings, food and beverage spending, and merchandise.. all that get taxed.

Plus you can't buy that kind of worldwide exposure for Texas or Austin for $25 million in advertising....

But if I was not a racing fan, I might see what they are talking about

Veloce Raptor

Exactly.

John H

Exactly. Short sighted. Gotta love the Tea Baggers!

race911

That's right........it's NOT in the Bay Area. In our political climate, THAT would be laughable. Even if you gridded 26 Teslas, some group would bitch about the risk of cancer from the teams telemetry and radio transmissions. (And don't consider our existing sites of Sears or Laguna. They aren't modern F1 venues.)

Circuit Motorsports

Iirc it's 25 million per year that they were hoping to get. If I was the check writer I'd wait until I was certain f1 was showing up to write the check though. You just can't trust Bernie.

Veloce Raptor

You both have it slightly wrong. The money was actually a rebate of some anticipated sales tax receipts from the venue.

paradisenb

Socialism. Corporate socialism.

I'm with Patrick on this one. Educate our children with tax money. Let 'For Profit' companies fund their own business ventures. I would support a loan with interest and tangible collateral to back up the downside risk.

Circuit Motorsports

Really? Pretty much every news article said it was a payment from a "major events trust fund'. While it is funded by sales tax from major events it sure doesn't say anything about it being a rebate.

Veloce Raptor

Do you believe news articles?

Call the Comptroller's office and ask. The major events trust fund provides pre-event incentives, anticipating sales taxes that far exceed the incentives, and they are packaged as a pre-rebate.