F1 boss could cancel Austin's race

AUSTIN (KXAN) - The future of Austin’s Formula One race is looking less and less certain after F1 boss Bernie Ecclestone told a reporter with the UK Press Association that he’s ready to cancel the inaugural race.

Ecclestone has given Circuit of the Americas , the owners of the race track where Austin’s Formula One race is supposed to take place, until Dec. 7  to reach a deal with him and F1. If they don’t, Ecclestone said he would cancel the race.

“Yes it will be, for sure, 100 percent,” Ecclestone said to the news outlet.

Originally, Full Throttle Productions, run by Tavo Hellmund , a life-long friend of Ecclestone and an Austinite, had the contract to run Austin’s F1 race.

But, in his interview with the Press Association, Ecclestone revealed that because Hellmund breached the contract, it was canceled.

Circuit of the Americas stepped in and has been unable to agree on a new contract with Ecclestone and F1.They have also been unable to send a line of credit letter to Ecclestone guaranteeing that he’ll be paid a $25 million sanctioning fee before the first race is held.

Originally, the $25 million sanctioning fee was going to be paid in advance each year by the state of Texas through the state’s Major Events Trust Fund. However on Tuesday. state Comptroller Susan Combs said no money would be paid out prior to the first race, which was pushed back from its original date that fell in June 2012.

The Dec. 7 deadline is the same day the FIA World Motor Sports Council  meets to finalize the F1 racing schedule for 2012.

Work at the track came to halt Tuesday. Circuit of the Americas says it would restart once a contract between them and F1 has been signed.