The United States Grand Prix held at the Circuit of the Americas in Texas has received fresh hope that its future could be secured, following the discovery of a letter guaranteeing its state funding.
Just two weeks after the 2015 event, the new government informed circuit bosses that it would cut its contribution from $25 million annually to just $19.5m, creating a massive funding shortfall.
COTA Chairman, Bobby Epstein, admitted they were “screwed” and hinted that they might take legal action against the local government, believing they had a ten-year funding guarantee.
Forbes revealed this week that a letter from former state comptroller Susan Combs has now emerged, which proves that guarantee exists.
“In response to the requirements of the race promotion contract for the Formula 1 United States Grand Prix in Texas, I hereby certify the following: With the understanding that the first Formula 1 United States Grand Prix race will be held in Texas in 2012, full funding of the entire sanction for 2012 will be paid to Formula One World Championship Limited (‘FOWC’) no later than July 31st, 2011,” it reads.
“In subsequent years, two through ten, of the race promotion contract, i.e. 2013 through 2021, we will be sending $25 million dollars to FOWC by the end of July 31st of each year preceding the actual race event.”
Whilst the government may have changed, a court of law could force them to honour the letter, which would be a huge boost for the event which is currently subject to confirmation on the 2016 calendar.
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