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F1 United States GP under threat after funding cuts

The F1 United States Grand Prix at the Circuit of the Americas has been thrown into doubt after the Texas state government slashed its subsidy
The Formula 1 United States Grand Prix at the Circuit of the Americas has been thrown into doubt after the Texas state government slashed its subsidy.

The Austin circuit is understood to have been receiving a subsidy of $250 million over a 10-year period from the Texan state due to the economic boost F1 brought to the area.

However, published sources claim the annual payment will drop from $25 million to between $18.5-19 million after the state government altered its formulas measuring economic impact.

The forecast drop in revenue comes immediately after losses caused by the severe weather conditions suffered at this year's event which pushed qualifying into Sunday's schedule. It is believed the bad weather had a heavy impact on ticket sales and the high amount of refund requests.

In addition, the Mexican Grand Prix which took place a week after the race in Austin is also seen to have impacted ticket sales from fans going to Austin from outside the region, which is a key factor in boosting the economic sanctions made by the state government.

The circuit is yet to respond to the news but is expected to release a statement in the coming days.



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SoSlo

November 11, 2015 9:48 PM

seems pretty ridiculous to give BE $25M/yr for 10 years in TAXPAYER MONEY how many people's entire yearly taxes must it take to cover this ridiculous amount and for what? great racing? economic boost? please. even the "good" races this year were garbage and you all know it. and i'll bet dollars to donuts the "economic boost" promised by BE/F1 was WAY lower than expected, regardless of weather this year. how much extra $ do you think F1 actually puts into any specific local business compared to that business' yearly revenue? a few percent, if that? i wouldn't be surprised if the majority of local businesses break even due to paying overtime, extra administrative costs, etc or even lost money due to regular customers avoiding the area for the weekend. house of cards, built on lies

mrfill

November 12, 2015 12:45 AM

SoSlo: seems pretty ridiculous to give BE $25M/yr for 10 years in TAXPAYER MONEY how many people's entire yearly taxes must it take to cover this ridiculous amount
a) How many GPs do you think survive without any taxpayers help? b) How would you like 21 races at Silverstone?



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