Construction on the Formula 1 circuit in Austin, Texas, has been suspended indefinitely following a contract dispute between the developer and Full Throttle Productions.
The event, scheduled to take place in November next year, looks doubtful now following the suspension of construction at the site outside Austin.
A statement from the developers charged with building the circuit reveals that Full Throttle Productions, the company behind the project run by Tavo Hellmund, has yet to sign over the race contract to the circuit.
This in theory means the circuit has no guarantee that F1 nor MotoGP will actually visit it, as it doesn’t have the rights to host the events, rather Full Throttle Productions does.
The statement reads: “Organizers of Circuit of The Americas, a premier motor sports racing and entertainment venue being developed in Austin, Texas, are suspending further construction of the project until a contract assuring the Formula 1 United States Grand Prix will be held at Circuit of The Americas in 2012 is complete.
“The race contract between Formula One and Circuit of The Americas has not been conveyed to Circuit of The Americas per a previously agreed upon timetable.”
Work at the site had been progressing well with above ground building starting to take place, but that will now be halted until further notice.
“While construction at Circuit of The Americas has progressed as scheduled with over 300 workers at the construction site daily, all work will suspend immediately,” it continued.
Bobby Epstein, founding partner of Circuit of the Americas, said the failure to transfer the contract from Full Throttle to the organisers is of ‘great concern’.
“We have spent tremendous resources preparing for the Formula One and MotoGP Championship races, but the failure to deliver race contracts gives us great concern,” said Epstein.
“It is in the best interest of all parties to reach a timely resolution,” added Red McCombs, chairman of McCombs Enterprises and founding partner of Circuit of The Americas. “Local businesses, fans and the State of Texas are counting on us.”
