COTA Misses Out On $25.9 Million In State Funds For F1 Race
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Circuit of The Americas (COTA) in Austin, Texas, is reportedly out $25.9 million in state funds for its Formula 1 race.
COTA—which sought funds from the state’s Major Events Reimbursement Program to offset the costs for the 2018 US F1 Grand Prix—was initially denied the subsidiaries last year because it failed to include a plan to prevent human trafficking, as required by law.
The track appealed the decision, and a bill was introduced in 2019 by the House that could have provided the money, according to Austin Business Journal. Details were not worked out with the Senate, however, and the measure failed to come up for a vote before the state ended its session on May 27.
The circuit’s 10-year contract with F1 runs through 2021, but F1 Managing Director Sean Bratches told the Associated Press on May 28 that his organization plans to race at COTA for “many years to come.”
Each year, the track has to pay a $25 million licensing fee to the race organizers.
The 2019 event will not be affected, as reported in early March this year. The 2019 F1 US Grand Prix is set for November 1-3, 2019.
For more information, visit circuitoftheamericas.com/f1.
COTA—which sought funds from the state’s Major Events Reimbursement Program to offset the costs for the 2018 US F1 Grand Prix—was initially denied the subsidiaries last year because it failed to include a plan to prevent human trafficking, as required by law.
The track appealed the decision, and a bill was introduced in 2019 by the House that could have provided the money, according to Austin Business Journal. Details were not worked out with the Senate, however, and the measure failed to come up for a vote before the state ended its session on May 27.
The circuit’s 10-year contract with F1 runs through 2021, but F1 Managing Director Sean Bratches told the Associated Press on May 28 that his organization plans to race at COTA for “many years to come.”
Each year, the track has to pay a $25 million licensing fee to the race organizers.
The 2019 event will not be affected, as reported in early March this year. The 2019 F1 US Grand Prix is set for November 1-3, 2019.
For more information, visit circuitoftheamericas.com/f1.