Formula One
2:30 pm
Thu November 17, 2011

Clock Ticking on Austin F1 Race

A Formula 1 auto race in Austin next year seems increasingly unlikely.

The Associated Press quotes F1 president Bernie Ecclestone as saying organizers of the U.S. Grand Prix in Austin don't have the money to stage the race set for November 18, 2012. Race organizers have until November 27 to show they have enough money, or the race will be scratched from the 2012 schedule.

Track president Steve Sexton released a statement via email this afternoon, saying a delay wouldn't necessarily be a bad thing.

“We have been excited for and working towards a 2012 USGP race and now understand that Mr. Ecclestone is interested in moving the Austin race to 2013. We know the U.S. market is important to the teams and their sponsors and 2013 certainly allows time for the Circuit of The Americas to be ready.”
 

Ecclestone scrapped a deal with Austin-based Full Throttle Productions to stage the race, citing breach of contract. F1 then started negotiations with the group building the race track.