COTA F1 Race Hits Financial Snag

This is the Statt Mann Baby. Time to Scatt a little bit.

A report this week said Circuit of the Americas in Austin, Texas lost some twenty million dollars in state support for the Formula One race last fall.

The Austin American Statesman newspaper said COTA failed to submit a required human trafficking prevention plan in time and that killed the state funding.

State funding has been an on-going problem between COTA and the state of Texas. COTA says the state funding is necessary to meet F1’s seven figure sanction fee.

The state reimbursed COTA $27 million through an event reimbursement program in 2017, $26 million in 2016 and $22.7 million in 2015 for the only F1 race in the United States.

This doesn’t look good. An American based corporation buys F1 and the only American race might have financial problems meeting F1’s financial demands. And the promoters might have no one to blame but themselves.

There’s hope this can be resolved in the coming months.

Peace.