Formula One back on track for Texas

AUSTIN, Texas (KXAN) - Wednesday was the deadline for the Circuit of the Americas to come up with a $25 million sanctioning fee to bring Formula One to Austin.

“Mr. Ecclestone received his check today," said Red McCombs, founding partner of Circuit of The Americas. "We want to thank the fans supporting us, the local officials and businesses that have encouraged us, the State of Texas, Circuit of The Americas’ staff and Bernie himself. I want to thank and commend Bobby Epstein for getting us across the finish line. Bobby’s perseverance and leadership kept the project on track despite unfair and unfounded criticism.”

F1 boss Bernie Ecclestone made Wednesday the deadline due to the fact he was meeting in New Delhi, India with the FIA World Motor Sport Council to set the 2012 calendar.

Just before 6 a.m., that calendar was released and showed Austin remaining on the calendar for a Nov. 18 race date -- though details concerning the last-minute deal have not been released.

“Our investors have believed all along that this project has tremendous benefit for our region, and provides a strong economic engine for the future,” said Epstein, founding partner of Circuit of The Americas. "We remain committed to reaching our goal of being valuable community partners as we establish a platform for sports and entertainment. We’re glad that Tavo [Hellmund]’s vision of bringing F1 to the people of Texas will become a reality.”

Circuit of the Americas officials said that engineering and construction teams working on the track will resume immediately, ensuring completion for the 2012 race date.

Construction on the race track in Southeast Travis County has been on hold since Nov. 15, when it appeared a deal between the Circuit of the Americas and F1 had fallen through. 

That was a result of the state comptroller deciding not to give $25 million in state money to finance the track up front but instead once the race began.

Ecclestone said in November that in order for a deal to be worked out, the $25 million sanctioning fee would have to be paid and that there needed to be assurances the race would be financed for its 10-year contract.

“We have a substantial number of fans who have expressed interest in buying tickets and hospitality, so today is a win for all of them as much as it is for Circuit of The Americas,” said Steve Sexton, president of Circuit of The Americas. “We encourage everyone to visit our website and register for information. Registered fans will receive the first communication regarding ticket sales plans. In a matter of weeks we will have more exciting news as we unveil our full calendar of world class events.”