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Ecclestone gives Austin some breathing space
Following a shortfall in its state subsidy, Bernie Ecclestone is allowing COTA to pay race hosting fees late. The shortfall is due to changes to the way in which the benefits of hosting the race in Austin are calculated, this in turn following control of such matters coming under the jurisdiction of Governor Greg Abbott’s office, the original deal having been agreed by (then) Governor Rick Perry and state Comptroller Susan Combs. In 2012, 2103 and 2014, the state paid $25m, but this year, just weeks before the race was to be held it was announced that the subsidy would drop to $19.5m, leading to Circuit of the Americas Chairman Bobby Epstein to famously admit 'we're screwed'....
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10y ago from Pitpass.com
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