Austin's American-Statesman newspaper reports that work has "slowed considerably" on the Circuit of the Americas project in Austin, and that promoter Tavo Hellmund (LEFT) has contacted Texas state Comptroller Susan Combs asking whether a change in management or promoters would affect the circuit's eligibility for money from the state Major Events Trust Fund.
The state has pledged $250 million over 10 years from the fund. According to the Statesman, Combs said the race would still be eligible for the incentives in a letter sent Tuesday to Formula 1 commercial rights manager Bernie Ecclestone. Combs' letter revealed that major investors in the track, including Texas billionaire Red McCombs, haven't secured the rights to hold the race. Ecclestone bestowed the rights to Hellmund, but he has not transferred them to his partners in Circuit of the Americas, according to Combs' letter.
Combs added, "Should the proposed assignment be consummated, the State of Texas, through this agency, looks forward to working with the Circuit of the Americas to bring the Formula 1 United States Grand Prix to Texas in 2012."
reports that construction work on the 3.4-mile road course "has slowed dramatically in the past few months," noting that construction of the grandstands, paddock and medical center has yet to start. However, it says that the circuit's developers maintain they are still on schedule for the inaugural race, now 13 months away, and that building will begin soon on the 1,100-acre site.