Formula One racing in Austin!!!

[w9ctm]

Austin was picked as the next host city for the Grand Prix road race and is building a track specifically for its highly-anticipated return.

Formula One World Championship Ltd. and Formula One Administration Ltd. made the announcement Tuesday with its Austin-based promoter Full Throttle Productions Lp.The Formula 1 United States Grand Prix will begin in 2012 at a yet-to-be-named location and stay in Texas capital until at least 2021, according to the release.

A track will be built specifically for the Prix for the first time in the race's history. Previous host city's include Watkins Glen, N.Y.; Long Beach, Calif.; Las Vegas; Detroit; Dallas; and Phoenix. The races were held at the Indianapolis Motor Speedway from 1999-2007.

"This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the ‘it’ cities in the United States. Austin features that rare combination of ideal geographic location and beauty," Full Throttle Managing Partner Tavo Hellmund said.


Looks, or reads like it might be something to look forward to.........

[danchez]

Sounds cool, looking forward to it.

[Kalrog]

Didn't I just hear something about a budget deficit? And now this is publicly funded? The math isn't adding up on that... as much as I would like to go to a f1 race, I do NOT want to pay for building the track.

[Joe_Lorenzini]

This is outstanding!! We need some F1 action around here, those cars are badass! Sign me up and thanks for the update.

Joe

[Mongo]

Originally Posted by Kalrog

Didn't I just hear something about a budget deficit? And now this is publicly funded? The math isn't adding up on that... as much as I would like to go to a f1 race, I do NOT want to pay for building the track.

The State is kicking in "some" of the money for the facility (partly in return for UT being able to use the garage area for their alternative fuels programs), but the majority of the funding is coming from private investors. I have heard a few of the details about the facility and it should be phenomenal. A 3 mile long track, and at least 2 lakes for skiing events are just some of what Ive heard so far.

[High_Boost]

Originally Posted by Kalrog

Didn't I just hear something about a budget deficit? And now this is publicly funded? The math isn't adding up on that... as much as I would like to go to a f1 race, I do NOT want to pay for building the track.

I am sure the theory is that the millions of dollars that come in with every F1 race weekend will make it worthwhile.
This is a BIG money sport, and the people that come with it will spend plenty here - both the race teams and the fans.

[Kalrog]

Originally Posted by Mongo

The State is kicking in "some" of the money ....

Until that word right there "some" is defined, I have problems with this. Define it and make it all public, it is my money anyway. Then let us decide if it is a good value. It may be, but we can't know until we have the information.

[Mongo]

I dont know the total price tag yet but the part the State is kicking is is very small in comparison to the returns they will get. The first race is in 2012, and my guess is they will most likely recoup at least 50% of the money invested the first year due to the taxes brought in. Hotels, restaurants, clubs. They will all benefit from it.

You have to understand. Ferrari's race budget is something like $400 million a year. This is a BIG money sport, and the people that go to the races, not to mention the racers and crews themselves, are usually big spenders.

Trust me.. This is a GOOD thing...

[gsdpic]

From what I read, the state is kicking in something like $25 million/year to cover costs of hosting the event (e.g. extra security and so on). Just like they are kicking in about that same amount to Arlington for hosting the superbowl. I believe the facility itself is entirely privately funded (though they may get the usual tax breaks, etc).

I think this is a great thing and will put Austin in an international spotlight once a year, if it can be pulled off. They have a lot of work to do in just about 2 years to prepare for this. At least they have hired Tilke GmbH, the German company that designed a couple of the recently built F1 tracks. That is mostly a good thing....obviously they are experienced, though the tracks designed be Herman Tilke are not universally loved and they certainly don't compare to the old classics like Spa and Monza.

I'll believe it when I see it, but at the same time, I can't wait. I've been an F1 fan for years and attended several of the Indy F1 races. It'll be a treat to be able to attend one locally.

[Hogleg 44]

From the Adam Cooper F1 Blog

Adam Cooper's F1 Blog

Tilke designing Austin track, site already purchased
Veteran circuit designer Hermann Tilke will be responsible for the Austin F1 track, promoter Tavo Hellmund has confirmed to this writer. Hellmund also says the project is also much further along than has been assumed, and the track has already been drawn.

“This has been long in the works,” he told this blog. “Everything is in place.”

Although the former racer told local media yesterday that three possible venues were still under consideration, that suggestion was apparently a smokescreen.

While several alternatives were under consideration, one site was settled on some time ago, and the land – over 800 acres – has already been purchased. Not only that but initial permissions for amenities such as water and waste, which are usually time consuming affairs, have already been granted.

Although Hellmund has yet to divulge details of what he calls a “killer location”, he confirmed that the site is to the east of the city, a few miles from the airport. It is said to be in hilly countryside that has provided Tilke with a good starting point for a design.

The German has been asked to create a fast circuit with challenging corners that resemble those of classic established circuits such as Silverstone, Hockenheim and Spa. It will be over 3-miles in length.

Tilke first sent a representative of his company to Austin around two years ago, and has made personal many visits since. He is currently looking for office space in the city in which to base the project.

Hellmund is adamant that Austin is an ideal location: “Other than New York or LA, which already have 10m people, where are you going to find a place that within 150-mile radius you have three of the top 10 largest markets in the United States? That is the wonderful thing. Our position between Canada and the United States, North, South and Central America, is unbelievable.

“You take that into account, you take into account the draw that Austin is, it’s the state capital, it’s in the hill country, it’s got a huge, huge vibe and tag of being the coolest place.”

As reported previously, the race is set to benefit from the ‘Texas Major Events Trust Fund,’ which is intended to reimburse cities for costs they face when hosting big sporting events.

However, that relates only to specific events and does not have an impact on the cost of building the facility, which is apparently budgeted at $200m. The track build is being financed by private investors, and when completed the venue is likely to be named after either Texas or Austin.

One of the key elements that has helped to generate funding is that aside from F1, the circuit will be used to help develop alternative fuels.

Tavo has known Bernie Ecclestone since he was a teenager. His father was involved in promoting Indycar and TransAm races in Mexico City, and also helped to bring F1 back to the country in 1988. Hellmund Sr was also involved in the 1986 soccer World Cup and in organising music events.

While the Austin project was greeted with some scepticism, Hellmund’s enthusiasm for it is infectious and he certainly makes a credible case for it. It will be fascinating to see what happens next.

[w9ctm]

All I know is, I love racing and I love to shoot racing cars. Just don't get too many opportunities. It appears that may change in a couple of years.

Oh, and there will be lots of internationally famous people that will come to Austin for these races as well. There will be the potential for lots of spin-offs from this.

[Hogleg 44]

And, as there will most likely be only one F1 event at this track each year, the track will probably host a lot of other different motorsport events. Some Major, some local.
Like, Motorcycle Racing, GP, Indy Car..., Local Area Club Events, SCCA, CVRA(Vintage Cars) Swap Meets, ....who knows!

[Mongo]

Yeah, there are going to be a lto of thing going on there during the year, not just the F1 race. Its going to bring a lot of business to the area and should help the economy as well.

[jstpeter]

I read the amount of money this brings to the local area just for the F1 race is the equivalent to what a super bowl host city receives. And Austin gets this every year for the next 10 years. I am getting my room for rent ad up on craig’s list soon! Austin Meet WORLD! Those that liked Austin the way it used to be, well that is out the window now.