Later today, organizers are scheduled to announced that the U.S. Grand Prix will run at Circuit of the Americas as originally planned. That's the word , which spoke with an anonymous source confirming the upcoming announcement.
The October 23rd race originally scheduled to take place in Austin, Texas has been up in the air for quite some time now due to issues with funding.
Track officials say the state originally promised them $25 million per year for 10 years to help fund the race. That money had come out of Texas' Major Events Trust Fund, but that fund is now under the governor's control. And Gov. Greg Abbott cut that number down to $19 million.
Losing $6 million in funding threw the future of the U.S. Grand Prix into question, but settling on a lower property tax appraisal reportedly saved COTA more than $10 million. With that settlement and other efforts to reduce costs, it appears the track has found the money to make the race happen.
Over the past three years, the U.S. Grand Prix has been an important part of F1's efforts to expand into the American market. Thankfully, it all appears to have been worked out, and we're looking forward to seeing the first American F1 team in decades race in Austin this October.
Update: Circuit of the Americas has confirmed .
In his announcement, COTA president Bobby Epstein said:
All you have got to do is pay your bills and write your checks. We knew we wanted to go forward, and it was a matter of whether we felt like we could go forward in a very healthy way and create an experience that the fans deserve and helps F1 grow and helps us grow together. We had to make sure it was financially viable. That is largely what determines it and we have reason to have confidence that the state is going to be a good partner.