What is going on in Austin?!!?!?!?
#31
#33
Agent Orange
Rennlist Member
Rennlist Member
Yeah, New Jersey has all the makings of a huge bluff. That's very typical Bernie -- he always pits two entities against each other and applies pressure thru the press when negotiating contracts. Either way, I don't think there'll be a race in NJ.
I still can't understand why COTA started construction BEFORE they had a signed contract from Bernie. How stupid are they?!?!
I still can't understand why COTA started construction BEFORE they had a signed contract from Bernie. How stupid are they?!?!
#34
Administrator - "Tyson"
Lifetime Rennlist
Member
Lifetime Rennlist
Member
It sure appears that way, just one of many examples:
https://rennlist.com/forums/8601981-post10.html
https://rennlist.com/forums/8601981-post10.html
Eggs are still in the incubator. There's a slight snag coming up just over the ridge line that will delay the project. Watch for it Fuzz.
Sauvo Hellmund is a PROMOTER. He'd promise you a race on Luna Seca, yes the ACTUAL moon... if he thought he could get away with it.
Sauvo Hellmund is a PROMOTER. He'd promise you a race on Luna Seca, yes the ACTUAL moon... if he thought he could get away with it.
#36
Race Car
#37
Rennlist Member
Sounds to me like Bernie tried to help his old buddy's son get himself a GP, so they went for it. When it got sticky they had an out, so they bailed, and probably made some money.
Which makes me wonder, whatever happened to Peter Windsor? Did he take some money and run?
Which makes me wonder, whatever happened to Peter Windsor? Did he take some money and run?
#38
http://news.bbc.co.uk/sport2/hi/form...e/15766613.stm
Next year's inaugural United States Grand Prix in Austin, Texas, is on the brink of being axed, according to Formula 1 boss Bernie Ecclestone.
The news comes a day after developers of the new Circuit of Americas track said building had stopped.
Ecclestone said the 18 November race would be called off at the next meeting of F1's governing body the FIA.
"Yes, it will be, for sure," said Ecclestone, adding he was waiting for guarantees of payment.
The FIA World Motorsport Council is meeting on 7 December.
It is the latest development in a long-running saga over the race, which was initially lauded when it was announced last year because it meant the return of the USA to the F1 calendar for the first time since 2007.
This week has already been a tumultuous one for the event.
Ecclestone said at the Abu Dhabi Grand Prix at the weekend that he had doubts about whether the race would happen.
The Texas state government then issued a statement saying that $25m (£15.8m) that had been earmarked to pay the sanctioning fee to Ecclestone would not be paid until after the first race.
And Circuit of Americas (Cota) bosses responded by saying they had not been sent a contract.
Ecclestone, who was talking to the Press Association, said no contract had been issued because he had yet to receive a guarantee or letter of credit that he would be paid.
"We've done everything we can to make this race happen," he said.
US GRAND PRIX VENUESContinue reading the main story 2000-7: Indianapolis
1989-91: Phoenix, Arizona
1984: Dallas, Texas
1982-88: Detroit, Michigan
1981-82: Las Vegas, Nevada
1976-83: Long Beach, California
1961-80: Watkins Glen, New York
1960: Riverside, California
1959: Sebring, Florida
Ecclestone said on Wednesday that he had cancelled the contract of the original promoter of the event, Tavo Hellmund and his Full Throttle Promotions Company.
That has left him negotiating directly with the track developers.
"We had an agreement with Full Throttle Productions," Ecclestone explained.
"Everything was signed and sealed, but we kept putting things off like the dates, various letters of credit and things that should have been sent, but nothing ever happened.
"Then these other people (Cota) came on the scene, saying that they wanted to do things, but that they had problems with Tavo.
"They said they had the circuit, and that they wanted an agreement with me. I told them they had to sort out the contract with Tavo, which they said they would.
"But that has gone away now because we've cancelled Tavo's contract as he was in breach.
"We've waited six months for him to remedy the breach. He knows full well why we've cancelled. He's happy.
"But these other people haven't got a contract. All we've asked them to do is get us a letter of credit.
"We are looking for security for money they are going to have to pay us. That is via a letter of credit, normally from a bank.
"If people don't have the money they find it difficult to get the letter of credit, and so we don't issue a contract."
In her statement, the Texas state comptroller explained that the announcement of a second US race, scheduled to be held in New Jersey for the first time in 2013, made it less appealing to the state to fund the Austin event through its Major Events Fund.
That was because it was likely to have an effect on the number of visitors to the Austin race, and therefore reduce the economic benefits for the state.
Representatives of the Circuit of the Americas declined to comment.
The news comes a day after developers of the new Circuit of Americas track said building had stopped.
Ecclestone said the 18 November race would be called off at the next meeting of F1's governing body the FIA.
"Yes, it will be, for sure," said Ecclestone, adding he was waiting for guarantees of payment.
The FIA World Motorsport Council is meeting on 7 December.
It is the latest development in a long-running saga over the race, which was initially lauded when it was announced last year because it meant the return of the USA to the F1 calendar for the first time since 2007.
This week has already been a tumultuous one for the event.
Ecclestone said at the Abu Dhabi Grand Prix at the weekend that he had doubts about whether the race would happen.
The Texas state government then issued a statement saying that $25m (£15.8m) that had been earmarked to pay the sanctioning fee to Ecclestone would not be paid until after the first race.
And Circuit of Americas (Cota) bosses responded by saying they had not been sent a contract.
Ecclestone, who was talking to the Press Association, said no contract had been issued because he had yet to receive a guarantee or letter of credit that he would be paid.
"We've done everything we can to make this race happen," he said.
US GRAND PRIX VENUESContinue reading the main story 2000-7: Indianapolis
1989-91: Phoenix, Arizona
1984: Dallas, Texas
1982-88: Detroit, Michigan
1981-82: Las Vegas, Nevada
1976-83: Long Beach, California
1961-80: Watkins Glen, New York
1960: Riverside, California
1959: Sebring, Florida
Ecclestone said on Wednesday that he had cancelled the contract of the original promoter of the event, Tavo Hellmund and his Full Throttle Promotions Company.
That has left him negotiating directly with the track developers.
"We had an agreement with Full Throttle Productions," Ecclestone explained.
"Everything was signed and sealed, but we kept putting things off like the dates, various letters of credit and things that should have been sent, but nothing ever happened.
"Then these other people (Cota) came on the scene, saying that they wanted to do things, but that they had problems with Tavo.
"They said they had the circuit, and that they wanted an agreement with me. I told them they had to sort out the contract with Tavo, which they said they would.
"But that has gone away now because we've cancelled Tavo's contract as he was in breach.
"We've waited six months for him to remedy the breach. He knows full well why we've cancelled. He's happy.
"But these other people haven't got a contract. All we've asked them to do is get us a letter of credit.
"We are looking for security for money they are going to have to pay us. That is via a letter of credit, normally from a bank.
"If people don't have the money they find it difficult to get the letter of credit, and so we don't issue a contract."
In her statement, the Texas state comptroller explained that the announcement of a second US race, scheduled to be held in New Jersey for the first time in 2013, made it less appealing to the state to fund the Austin event through its Major Events Fund.
That was because it was likely to have an effect on the number of visitors to the Austin race, and therefore reduce the economic benefits for the state.
Representatives of the Circuit of the Americas declined to comment.
#41
King of Cool
Rennlist Member
Rennlist Member
This puts US in bad light again within Formula 1 circles, 1st one was the stupid USF1 team project.
I'm seriously pissed off, I mean if China, Turkey, Korea and India all can put a track and race together (and Russia is getting close), WTF can't US do it?!?!
#42
Rennlist Member
Because those countries do it with Gov't support and we don't work that way, thank God. Although we tried on this one, and that was part of the problem.
#44
ITV F1 reports that Bernie is still posturing for the media, with the final decision at the last FIA meet Dec 7th
http://www.itv.com/formula1/news/201...he-brink-0376/
http://www.itv.com/formula1/news/201...he-brink-0376/