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.