Austin Remains on 2012 F1 Calendar

More official reports are emerging that the 2012 F1 calendar has been ratified by the FIA World Motor Sport Council at their meeting in New Delhi. This means the Austin Formula One race scheduled for November 16-18, 2012 officially remains on the calendar. This is also an opportune time to mention that it was never officially removed from the F1 calendar, despite rumors and gossip over the past month amidst what we believe to be heavy negotiations.

Official Press Release from the December 7, 2011 World Motor Sport Council meeting is here.

While we share in the excitement and relief of this announcement, it will be interesting to continue to see what announcements are made over the next 12 hours; it is 5 o'clock in the morning in Austin, Texas and we expect further details to emerge from Circuit of The Americas. What sort of deal was reached with COTA and F1? Was Tavo Hellmund involved? Will construction resume immediately? Is it feasible to complete the Circuit in time for inspection ahead of November 16, 2012? Have local hotel rooms been released for anxious travelers to book up?

As you've come to expect...stay tuned!

Nick Craw meets with Formula 1 United States team members as well as local, city and state officials and gave the project development plan his approval and a strong “thumbs up”. Nick Craw, ACCUS President for the US, Senate President of the FIA; Tavo Hellmund, Chairman of the Formula 1 United States; Peter Wahl, Managing Partner of Tilke GmbH. Taken 21 October 2010.

Formula 1 Re-Signs With Austin for 2012

// FORMULA ONE CONTRACT SIGNED

We have recieved confirmation from our reliable sources that Austin is a go for 2012, but there will be some changes with the various partners involved.  These details will likely make their way out in the next 12 hours, so at this point we are still unclear what issues were resolved with the revised contract.

Needless to say, it's been a roller coaster ride the last few weeks with the statements by Formula 1 head Bernie Ecclestone and Circuit of The Americas, regarding the fate of Austin's future race.  Tavo Hellmund's press conference also made it clear that there were some serious issues that needed to be worked out within the COTA organization, but the parts of the puzzle are still yet to be solved.

//UPDATE 01

Pit Pass is also reporting from their sources the same confirmation.

Stephen Cole Smith at Autoweek also reporting that a deal may be reached.

//UPDATE 02

 Peter Habicht of F1US.co pointed out that the Circuit of The Americas website no longer lists Tavo Hellmund as a partner; he was previously listed as "Founding Partner."  Very interesting...

//UPDATE 03

Andrew Benson (BBC), Alan Baldwin (Reuters) and Adam Cooper are stating that an unchanged 2012 F1 race calendar has been released but not yet confirmed by the World Motor Sport Council. We'll continue to stay on top of this.

//UPDATE 04

Offically confirmed by Circuit of The Americas and Formula 1: Details here

Circuit of The Americas Ready to Deliver $25 Million

Special Delivery for Mr. EcclestoneCircuit of The Americas has issued a bold statement on this Thanksgiving holiday: we have the cash to pay Formula One Management's 2012 race sanctioning fee and we've met the contractual requirements to proceed with our race. Now, it appears that the ball is in Bernie's court to countersign the contract. Here is the release:

Circuit of The Americas Ready to Pay Sanctioning Fee and Offering More

Proposal Satisfies 2012 Request, Accelerates Payments for Subsequent Years

AUSTIN, Texas - November 24, 2011 - Circuit of The Americas has responded to Formula One Management's contract requirements by agreeing to an immediate cash payment of the sanctioning fee for the 2012 United States Grand Prix (USGP). In addition, Circuit of The Americas has offered to establish an advance payment schedule for USGP races beyond 2012. The offer comes after several weeks of talks, and once accepted, will secure the USGP on the Formula 1 race calendar.

 "We have been ready to send Mr. Ecclestone a sanctioning fee check for some time now," said Bobby Epstein, founding partner of Circuit of The Americas. "He hasn't received it yet because the new contract presented to us two weeks ago contained unrealistic and unfeasible demands. We have signed and returned a contract similar to what we anticipated receiving. This race should be a reality, but if we are going to make the 2012 race date, we must receive a countersignature in the coming few days. We believe the teams, fans, sponsors and local business share our enthusiasm and hope that their voices will be heard."

We have been anticipating Bernie to make an announcement about our Austin Grand Prix this weekend, during the last race of the 2011 season from the Brazilian Grand Prix.

What is most interesting to us is that COTA has confirmed the viability to pay the 2012 race sanctioning fee immediately with $25 million in cash. You will recall, that the Comptroller of the State of Texas, Susan Combs, recently retracted her offer to pay Formula One Management its $25 million sanctioning fee in advance of the race. She explains the change of events in an interview with local Austin news channel KVUE; you can watch the unedited version of the video by clicking here.

How will Bernie respond? What role is Tavo playing going forward? With the recent halt in construction, is it feasible for us to finish the track in time for our slated November 18, 2012 race date? These are still real questions that will be answered in due time, but we feel reassured that our investors have answered Bernie's recent demands by committing the payment and contract.

As Will Buxton told us all back in June, we all want the 2012 race to happen, so let's MAKE IT HAPPEN!

Don't forget, we have our last downtown watch party of the 2011 season back at Six Lounge this Sunday. We'll kick things off at 1:30 PM with food from Pluckers Wing Bar and drink specials from Red Bull and Pepe Z Tequila. Come ready to race because Robert DeGroff will have his ever popular iRacing simulator on hand for guests to take for a spin.

Sunday, November 27, 1:30 PM

Six Lounge, 117 W. 4th Street, Austin

Free and open to adults over the age of 21

Facebook Event Invitation here

Hope to see you all this Sunday, and Happy Thanksgiving to our American friends!

Austin Formula For Negotiations 101

After the past few days of speculation about the future of Formula 1 in Austin, it's hard to begin this with a level head.

I've seen the articles from Reuters, Autosport, Autosport (pay for access), Autoweek, ESPN (AP source), SPEED, our local newspaper Austin-American Statesman, and countless other sources.  If you walked into the world of Formula 1 in the last four days, you would probably think the Austin race would not be happening and might even expect to see at least one lawsuit come out of this situation.  Truth is, I wouldn't blame you for reacting this way even if you've been following the news since May 25th, 2010 when Austin first became a reality.

Bernie Ecclestone - "Can you hear me now?"

I am, however, not at all surprised by the flamboyant statements made by Ecclestone and the frantic media that bows to his demands for a controversy.  Bernie has fully mastered this art, there are few others in the world who can utter a casual comment and watch the reaction spread like a wildfire. From the spectator's point of view, it's sold to us as fact, growing quickly out of proportion and turning into a full-on scandal.  Like rubberneckers captivated by an accident on the highway, we end up staring at the story as if it's our only chance to see this, ever.

But the reality is this is nothing new, and what we are really witnessing is not a cover-up or controversial truth telling, but instead a very public and high-stakes negotiation between a couple of powerful people with deep pockets.  Out of all of the stories this past few days, one thing is apparent:  Tavo Hellmund and his company Full Throttle Productions, who negotiated the 2012-2021 contract with Formula 1 boss Bernie Ecclestone, own the rights to the USGP independent of Circuit of The Americas (though Tavo is clearly part of the COTA team according to their website). 

What is on the line is hundreds of millions of dollars in jobs, investment, ticket sales, and TV viewers that all hinge on the ability of these parties to come to terms.

If you have followed Formula 1 for the last decade or longer, then this is nothing new to you. If you're just joining, then go ahead: spend an afternoon on Google reading about each time "Bernie Ecclestone casts doubt" and the claims Bernie's made in his defense; the man is an expert at controlling the conversation and maintaining power.  So is it any surprise we're being taken for a roller coaster ride right now, knowing that there are some hard-core negotiations going on?

Absolutely not. In fact, I'd be a bit surprised if we didn't see this given what's at stake.

Exclusive: LBJ Future Forum with Bruce Knox of Circuit of The Americas

Bruce Knox, EVP of COTA, speaking at LBJ Future ForumWe continue to highlight the brain trusts here in Austin because Austin continues to top the "Best Of" lists across the board.

Last month, we had the fortunate opportunity to hear Bruce Knox speak at the University of Texas at Austin ("UT") LBJ Future Forum. Bruce is the Executive Vice President of Circuit of The Americas.

As a bit of a history lesson, Lyndon Baines Johnson, the 36th President of the United States of America who was from Texas (and an alma matter of my own Southwest Texas State University), always had strong ties to our state and his legacy lives on through the LBJ Future Forum at UT. The forum provides educational and cultural information through various speakers and events spanning a broad range of topics.

LBJ's artistic and intimate presidential library resides at UT and he and his graceful First Lady, "Lady Bird," continue to leave their mark through their respective legacies. Heck; some of Austin's top outdoor draws - Lady Bird Lake (aka Town Lake) and The Wildflower Center were established in honor of Lady Bird's legacy.

Austin Skyline by Lou Neff Point Okay, right. Back to the presi at hand. If you've never had a chance to hear the Circuit of The Americas overview, then this is a great opportunity to do so. The slides hit all the statistics and we can personally attest that Bruce Knox is a real F1 fan that "gets it." Enjoy.

Formula 1: The Basics and Beyond from LBJ Future Forum on Vimeo.

 Here are some pictures from the event and LBJ's Presidential Library, which is open to the public.

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