Speed Direct

http://www.formula1.com/news/headlin...0/5/10824.html

Formula One returns to the United States
Austin, Texas, from the east. The Austin skyline by night, Texas. Austin hill country, Texas. The Austin skyline by day, Texas.

Formula One World Championship Limited and Formula One Administration Limited (together, the F1 Commercial Rights Holder) and Full Throttle Productions, LP, promoter of the Formula 1 United States Grand Prix™, announce that a historic agreement has been reached for Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021.

“We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder. We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix™ in Austin, Texas as a prestigious global event,” stated Tavo Hellmund, Managing Partner of Full Throttle Productions, LP.

Bernie Ecclestone, President and CEO of the Formula One Group stated: “For the first time in the history of Formula One in the United States, a world-class facility will be purpose-built to host the event. It was thirty years ago that the Formula 1 United States Grand Prix™ was last held on a purpose-built permanent road course circuit in Watkins Glen, NY (1961-1980), which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval. Lewis Hamilton won the last Formula 1 United States Grand Prix™ in 2007, signalling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for Formula One in the US.”

Mr. Hellmund added: “This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the ‘it’ cities in the United States. Austin features that rare combination of ideal geographic location and beauty. Its fine dining, world-renowned hospitality and excellent transportation infrastructure make Austin ideally suited to host and manage an event of this magnitude. Few cities if any in America could rival the connectivity of all the key elements needed for hosting a Formula 1 event as well as Austin. Now, many people around the world will have the opportunity to experience a world-class event, facility and city.”

“We are pleased Texas has the opportunity to be involved with Formula 1 and that an event of this magnitude is coming to Austin,” said Susan Combs, Texas Comptroller of Public Accounts. “It has been a pleasure working with Full Throttle Productions, LP and Mr. Hellmund on this project. Their tradition of producing successful major events coupled with a thirty year relationship with Mr. Ecclestone has us looking forward to this worldwide event and the benefits it will bring, including local job creation, increased tourism and a significant economic impact added to our state economy. The visibility and prestige of this event will spotlight our state on an international stage.”

Texas Governor Rick Perry conveyed his enthusiasm for the project, explaining “Texas’ relatively strong economy continues to draw both national and international attention and I commend Comptroller Combs for her work in bringing this exciting event to the Lone Star State.”

City of Austin Mayor Lee Leffingwell continued the positive sentiments, adding "The City of Austin will be proud to host this magnificent event and I look forward to welcoming the participants and fans of Formula One to our City."

Full Throttle Productions, LP acknowledges with great appreciation the efforts of all parties involved including Bernie Ecclestone, President and CEO of the Formula One Group, and the local and state officials of Texas.

“It has been a shared vision and monumental task to reach this agreement. We realize that over the last 30 years there have been one or two missing pieces from the previous editions of the Formula 1 United States Grand Prix™. We have a tremendous opportunity at hand to do it right - to feature Austin as the backdrop and produce the Formula 1 United States Grand Prix™ as one of the great sporting events in the world,” stated Hellmund.

In addition to the State of Texas being the 11th strongest economy in the world, it has more Fortune 500 company headquarters than any other state. Key features of Austin include:
- State capital nicknamed ‘Silicon Hills’ for being one of the most important regions in the US for the Technology Industry;
- USA’s 15th largest city and is located 145 miles from Houston (4th largest US city), 70 miles from San Antonio (7th largest US city), and 180 miles from Dallas (8th largest US city), population in this triangle is over 22 million;
- perfectly located geographically for North, South and Central American visitors;
- over 130 daily departing international flights within 180 miles;
- over 250,000 hotel rooms within 180 miles;
- desirable year-round climate, with an average annual temperature of 68 degrees Fahrenheit (20 Celsius);
- geographically located in the Texas Hill Country, easily the most beautiful city in the State, and considered one of the most in the US;
- hotels/downtown/Formula 1 circuit/airport located within close proximity of each other, which is nearly impossible for any other large city in the US;
- world class night life entertainment along renowned ‘Sixth Street’; and
- large film industry presence - many movies filmed in the area.

Austin’s National Recognition
- Known as “The Live Music Capital of the World”
- Voted “Greenest City in America” (MSN)
- Voted “Least Stressful Large Metro” in the United States (Forbes)
- Voted Top Two “Best Cities” in the United States (Money Magazine)
- Voted Top Three “Hippest Cities” in the United States (Forbes)
- Voted Top Five “Safest Cities” in the United States (Forbes)
- Voted Top Ten “Sports & Fitness Cities” in the USA (Sports Business Journal)

Full Throttle Productions, LP is an Austin, Texas, special event and sports production company that provides event conception, event project management, day of event oversight, staffing and volunteer services, venue planning and logistics support.

More information on the Formula 1 United States Grand Prix™ will be forthcoming shortly. In the meantime, all queries should be directed to info@fullthrottleproductionslp.com.

Zoxxo

This ought to be fun to watch when the taxpayers of Texas find out who's footing the bill. There is no way this can/will make money for anyone involved except Bernie and crew. A purpose built track?! That will be cheap

Bernie ropes in another one...

Z//

davidfarmer

gotta watch this, I've always wanted to go to an F1 race, and well Texas is closer than Monaco!

drivinhard

Montreal is a good race to watch in person, just get some seats in a high speed braking zone

VetteDrmr

When I saw this topic I honestly expected the first post to be 1 April, 2010.

2012, and they haven't even started? Please, someone turn off the political campaigns, already!

rag1998

wow really??

John Shiels

Cheaper to eat too!

Well there goes Monticello I guess they lost out with their one lane track and inflatable building!




this was going for a while that's why they blew off Indy.

How many illegals will work on building it?

Zoxxo

Ditto!

I'd figured by now that no goverment entity in the U.S. would still buy into Bernie's act. NO ONE in the states has made this work because it's always a money loser. No private entity will step up to fund the things for that reason so Bernie *has* to try to get at the public coffers. It's one thing to do that where either the public is hot for F1 racing (Europe, Japan) or the government can justify the expense on the basis of good international PR (Bahrain, China, etc.) But that's a pretty hard sell in the U.S. where F1 is barely known and even less understood.

ALL of the existing F1 races are paid for by the government (except for Monaco which simply foots the bill for track setup and maintenance.) So, unless some very unique deal has been struck here...

I predict that come year four or five they (Austin) are going to want out of the deal (assuming a fairly normal F1 race contract is in place.)

What's the average temp in Austin in June?

Z//

Zoxxo

Hahahaha! Good one, John!!

Z//

Zoxxo

Montreal is a wonderful place all around. Great city, great track. And I agree re: braking zones. INDEED!!

z//

Speed Direct

I agree that it seems like dealing with Bernie is always a losing proposition and that you would think people would learn. Perhaps this is an insight into the minds of people in the world of event promotion. They are always really optimistic that they can make money and that it will be a huge success, whatever the event. I hope nobody looses their shirt on the deal but I'm excited that Texas will get another permanent road course. This news alone is something to celebrate.

johninar

Event promoters always can dream real big when working with other peoples money. If they build it I will come.

Zoxxo

I agree 100% on that. In an era of booooooooooring spec car oval "race-o-tainment", any new road course is a good thing.

Unfortunately, the trend (demand, actually) has been to build "palaces of speed" for Bernie at a very high cost. Then, when F1 leaves (pretty much inevitable,) the community is left with a facility that is far beyond the needs of any other racing series on the planet (much less the local HPDE gang) and costs mucho dinero to maintain.

Fingers crossed that this round proves the exception to the rule. I really enjoy F1 and have enjoyed it since the days of Jim Clark and Dan Gurney (when it was a gentleman's sport.) And I like the idea of it being in the U.S. But Bernie's influence is a heavy commercial burden to bear.

Z//

MJM

If this happens, I am all for it.

But.....

1) Where will the facility be built and what freeway access will it have by 2012?

2) What month will they have the race? For those who aren't from Texas, it gets a little hot during the summer and early fall (understatement).

3) Who is paying for this?

On a positive note....

Who is setting up the first Corvette track day, I call first lap!

Matt

95jersey

Someone will make money, just the question is who?

At least it would be good for the local economy and business (resturants, hotels, and such).

Zoxxo

Almost a given that it will be June. The Canadian GP is in June and they'll want to consolidate travel & shipping costs.

Truly the sixty-four million dollar question

Z//

yakisoba

As an Austin native and current resident, I'm very excited about this. I hope to heck it works out, but the cynic in me is doubtful.

stevensa

Man if this works out talk about great timing, I move to Texas in 2010 and only have to wait 2 years for an F1 race to be 3 hours from my house!

C6MagRed

Awesome....another track in central Texas.... Motorsport ranch, Eagle Canyon, Harris Hill, Texas World Speedway, Motorsport in Houston and now this new track.....All less than 3 hours from my house.... gotta get to work on my car....

AU N EGL

King Bernie and F1 management will make money

and Casinos. how many 5 star hotels are in Austin ?