AUSTIN (KXAN) - Later Wednesday we'll know if Formula One racing will roar into Austin.
F1 boss Bernie Ecclestone said local race organizers have until Wednesday to come up with a reported $300 million in financing to secure the rights to Formula One.
Ecclestone said he wants a guarantee in the form of line of credit that Austin's race organizers will be able to pay a reported $300 million in sanctioning fees throughout the next 10 years.
Local race organizers said they have the first payment, reportedly between $25 million and $30 million ready to go and a plan to pay the rest.
But, local race organizers led by Bobby Epstein, have not signed a contract because they said it contains "unreasonable and unfeasible demands."
Instead, they rewrote the conrtract and sent it back to Ecclestone -- who told a reporter in Brazil that's not how it works.
Many publications have already written Austin's F1 race off, saying Ecclestone is ready to drop the race altogether, especially now that construction has started on New Jersey's F1 race set to take place in 2013.
Late Saturday night into early Sunday morning, a light band of freezing drizzle traversed the I-35 corridor eastward. With sub-freezing temperatures, even the light precipitation created major problems.
A 10-year-old was killed while standing outside a vehicle after the child's family was involved in a fender bender, DPS said.
Austin Police confirm they have located an 82-year-old women who went missing last night.
APD is responding to a 25 vehicle accident near the 5400 block of Ed Bluestein near Thurgood Ave.
A man is dead after being hit by several vehicles in the eastbound lane of Highway 71 Saturday night.
A representative at the Fayette County Sheriff's office said that Fayette County is effectively shut down due to icy conditions.