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Reports: F1 US Grand Prix A Go For 2019 Despite Funding Snag
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Despite an anticipated $25 million state funding shortfall, the Circuit of The Americas (COTA) in Austin, Texas, is expected to move forward with plans to host this year’s Formula 1 US Grand Prix.
The funding snafu stemmed from the state of Texas rejecting the circuit’s application for $25.8 in subsidies because it failed to include a plan to prevent human trafficking, as required by law. However, because the reimbursements happen months after each race—and fees paid to Formula 1 do not hinge on COTA receiving state funds—the 2019 event will not be affected, according to reports.
COTA has reportedly appealed the decision, citing discrepancies in the state’s ruling and a preliminary approval that failed to address the human trafficking plan (or lack thereof). And the racing facility and state appear to agree on the value of the event to both the local and regional economy.
"The governor's office has no desire to see the race go away," said COTA co-owner Bobby Epstein "They recognize it has value."
Bottom line is that even despite the confusion—and a potentially significant funding hole for COTA in 2019—officials remain optimistic over the future of F1 in Texas. "I think this year's race and future races should be OK,” Epstein added.
Information from autoweek.com was referenced in this report.
The funding snafu stemmed from the state of Texas rejecting the circuit’s application for $25.8 in subsidies because it failed to include a plan to prevent human trafficking, as required by law. However, because the reimbursements happen months after each race—and fees paid to Formula 1 do not hinge on COTA receiving state funds—the 2019 event will not be affected, according to reports.
COTA has reportedly appealed the decision, citing discrepancies in the state’s ruling and a preliminary approval that failed to address the human trafficking plan (or lack thereof). And the racing facility and state appear to agree on the value of the event to both the local and regional economy.
"The governor's office has no desire to see the race go away," said COTA co-owner Bobby Epstein "They recognize it has value."
Bottom line is that even despite the confusion—and a potentially significant funding hole for COTA in 2019—officials remain optimistic over the future of F1 in Texas. "I think this year's race and future races should be OK,” Epstein added.
Information from autoweek.com was referenced in this report.
