A person with knowledge of the decision said that organizers of the U.S. F1 Grand Prix "are set to announce the race will run in 2016 after months of speculation that financial troubles could force it off the calendar," according to Jim Vertuno of the AP.
The Circuit of the Americas, which hosts the race near Austin, "scheduled a Wednesday news conference." A government employee said that track representatives "have told local officials it will include announcing the U.S. Grand Prix will race."
The U.S. Grand Prix had been scheduled for Oct. 23 on F1's calendar with an asterisk "subject to confirmation" of an agreement between F1 and race promoters. The first race of the Formula 1 season is the Australian Grand Prix on March 20. Financial terms between the track and F1 "were not immediately known."
In previous years, track officials said they were promised $25M per year for 10 years from the state's portion of the Major Events Trust Fund.
But control of the fund was transferred to Gov. Greg Abbott's office last year, and "the future of the race was thrown into doubt when the state slashed" nearly $6M of funding from the race. The track, however, got a financial boost in February "when it reached a settlement with local officials to drastically reduce its property tax appraisals," saving more than $10M by some estimates.
Losing the race "would have been a blow to Formula One's efforts to expand in the American market" (AP, 3/8).
