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CVC Reduces Stake In F1 From 63% To Around 35% Ahead Of Singapore Floatation
Published June 18, 2012
EVERYTHING BIGGER IN TEXAS? In N.Y., Dave Montgomery wrote under the header, “Formula One Track, Nearing First Race, Gets Wary Embrace From Austin.” A Formula Expo was held in Austin this past weekend with “aims to introduce fans to the basics of Formula One through interactive exhibits, racecar simulators, meetings with former drivers and show cars.” The Circuit of the Americas track, set to host its F1 race in November, is “being built in southeast Travis County near Elroy, a ranching community of several hundred people on lots ranging up to 50 acres.” Elroy has “largely been bypassed by the growth that has developed other parts of the Austin metropolitan area, and its residents complain of inadequate services and the lack of basic conveniences like a supermarket or bus service.” The $350M project has “encountered its share of controversy, including a lawsuit between its principals, an earlier construction delay, and disputes about state and local subsidies.” But Circuit officials said that “work at the 1,100-acre site is on pace for completion this fall.” Circuit of the Americas Chief Marketing & Sales Officer Geoff Moore said that of the “more than 115,000 requests for information received by late May, about 35 percent were from Texas, 60 percent were from elsewhere in the United States and about 5 percent were from other countries, primarily Mexico, Canada and western Europe” (N.Y. TIMES, 6/16).