F1: How Austin got where it is now

AUSTIN (KXAN) - Formula One has hit a speed bump in Austin. This week, the $250 million project came to a halt, as developers revealed major financial troubles.

Now the clock is ticking to find money, as fans are wondering when and if they will ever see a Grand Prix race in Austin.

TIMELINE

• May 2010 - Developers announced the project in May 2010.
• July 2010 - A major Texas financier -- "Red McCombs" -- signs on, along with word that state funding from Major Events Trust Fund could be available -- up to $25 million a year for 10 years.
• Nov. 2011 - F1 boss Bernie Ecclestone says developers do not have the money and gives deadline of next week.
• Dec. 2011 - Fans find out if the World Motor Sports Council will schedule a race for Austin next year.
• Nov. 2012 - Intended date for the first race in Austin
• 2013 - Race likely delayed be delayed until the, at the earliest

WHO'S WHO BEHIND THE SCENES?

Tavo Hellmund, Full Throttle Productions

The key players in the Formula One Austin saga start with the man who brought this now delayed dream to the area in the first place. A former racer and now head promoter of Full Throttle Productions, Tavo Hellmund this week admitted things began turning sour when he fell out with his partners.

"No one's necessarily right or wrong," Hellmund said in a press conference Thursday. "That created a little bit of internal friction but nothing that would derail the project."

Amid reports of a buyout, Hellmund said the real problem was not being able to pay Bernie Ecclestone.


Bernie Ecclestone, Formula One

The F1 boss has apparently lost patience with organizers, giving them until the end of next week to sign a contract and pay up. If they cannot, next year's race could instead be pushed to 2013.

Steve Sexton, Circuit of the Americas

Sexton leads the race organizers, a group called the Circuit of Americas -- the same group Hellmund is apparently exiting. Now, it appears Sexton -- along with owners and investors Red McCombs and Bobby Epstein are on board with the delay giving them more time to find funding and complete the project.

Red McCombs

San Antonio billionaire Red McCombs is the key investor in Formula One in Austin. He is a previous owner of the San Antonio Spurs and Minnesota Vikings, along with being one of the largest donors to The University of Texas where the business school bears his namesake.

Upon word of his involvement in July 2010, McCombs said, "I wouldn't even have made an announcement if I wasn't very optimistic that this will be completed and done."

Bobby Epstein

Largely known for his financial expertise, Bobby Epstein uses his Austin-based private investment firm Prophet Capital Management Ltd. In this racing endeavor.

Richard Suttle

Suttle serves as the attorney for Circuit of the Americas, dealing mostly with matters that have come up with the City of Austin, Travis County, and developers.

Comptroller Susan Combs

As problems persist, Combs has apparently changed course with the money developers initially thought would be available. Once on board with use of the state's Major Events Trust Fund, Combs has now put that on hold, until she finds out if the race will even come to Austin and how recent developments could affect its possible success.

"We just thought we ought to make it clear that, given the complexity and circumstances, my jobs is to protect the taxpayer dollars and wait until the event actually occurs," Combs told KXAN.

Sen. Kirk Watson

Watson, D-Austin, was behind the 2009 bill that made it possible to include events like Formula 1 in consideration for money from the state's Major Events Trust Fund. Reportedly, he has recently said no money has been given to the project to date and developers will only receive money after the race takes place.

Gov. Rick Perry

Perry was initially supportive of the comptroller's efforts in securing the Grand Prix in Austin, as his office said it was a opportunity to grow our economy and create jobs. Still, along his presidential campaign trail, he has received some criticism for the possibility of allowing state money to go toward the project, especially as Texas recently cut $4 billion from public schools.

"This is not something we should be doing," said Sen. Dan Patrick, R-Houston, as he led an effort to vote against the funding in a finance committee meeting during the last legislative session. "How can you justify spending $25 million? That is 500 teachers."