F1: The US Grand Prix Will Happen
Austin’s Circuit of the Americas has announced that the 2016 Formula One United States Grand Prix will go on as planned.
This report follows months of speculation as to whether financial issues with the race could force it off the F1 calendar for Y 2016.
It is officially happening.
Track representatives told local officials at the press conference confirming the 2016 Grand Prix will happen.
The race had been listed as subject to confirmation on the Formula One schedule following a string of financial issues that many suspected could derail or cancel the Y 2016 race.
COTA chairman Bobby Epstein described last year’s United States Grand Prix as “financially devastating” due to the race’s low turnout. The facility is also still making repairs to storm and flood damage sustained last Fall.
On top of that, the State of Texas unexpectedly cut its contribution towards the United States Grand Prix’s sanctioning fees by $5.5-M.
A recent settlement with the Travis Central Appraisal District to lower the valuation of the track for tax purposes is estimated to save COTA $13-M in taxes.
Between that and other cost-cutting efforts at the track, it appears as though COTA has made the finances work to continue hosting the only F1 race in America.
The 2016 United States Grand Prix is planned for 23 October.
COTA announced that Taylor Swift will headline the concert after the race.
For more information click here: http://cotaexperiences.com/
Stay tuned…
Paul Ebeling
HeffX-LTN
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