The group behind bringing Formula One racing back to America next year — which has audaciously named its very much under-construction track the “Circuit of the Americas” — is facing fresh criticism from skeptics who say the cash-strapped state of Texas cannot afford the ambitious scheme.
With a budget deficit estimated to reach $27 billion over the next two years, some state lawmakers are wondering where the $250 million is going to come from to build a new race facility in Austin, Texas. The plan is to initially pump $25 million into the facility then use the revenue generated to reinvest $25 million each year for 10 years.
This has been brewing since the Austin deal was first announced, last July, when the promoters said no government money would be involved and the initial F1 fee of $25M was then promptly paid by the state of Texas. Can’t say I didn’t tell you so.