Web Extra: F1 Press Conference 07/27/10

AUSTIN (KXAN) - The founder of the Red McCombs Automotive Groups and co-founder of Clear Channel Communications joined the man responsible for bringing the track to Austin, Tavo Hellmund, and various Formula 1 officials Tuesday morning at the AT&T Executive Education and Conference Center at the University of Texas during a press conference.

The center is part of McCombs’ UT namesake, the McCombs School of Business . In addition to making Forbes magazine’s top 400 richest Americans in 2005, he was also a former owner of the San Antonio Spurs , Denver Nuggets , and the Minnesota Vikings .

The group plans to announce the exact site of the track, thought to be in the general area just to the east of the Austin-Bergstom International Airport near Elroy and McAngus roads , north of FM 812 and east of State Highway 130 .

The Grand Prix event will be held in Austin between 2012 and 2021. During that time, the event is expected to rake in anywhere from 90,000 to 200,000 people each year.

That could mean an economic impact somewhere between $200 million and 400 million. On the low end alone, that's about the same amount brought in by the Austin City Limits Festival and all the University of Texas football home games for an entire season.