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COTA Refuses to F1 In 20 Million Public Financing for 2018 Racing



The future of Formula 1 in Austin, Texas, seems to have been hit hard when it was discovered that the Circuit of the Americas had lost its state funding. Greg Abbott's office rejected the annual COTA application for reimbursement after the 2018 F1 race. Officials at the governor's office said that the representatives of the tracks did not comply with the deadline for submitting the necessary plan to prevent trafficking as part of their request for reimbursement.

This means that the track will lose $ 20 million or more in public funding through the program of compensation for major events. . The state reimbursed COTA $ 27 million through this program in 2017, $ 26 million in 201

6 and $ 22.7 million in 2015 for a single race in the United States.

Researchers said in the past that financing that exceeded $ 100 According to The Statesman, millions of 2012 were critical to success

COTA officials have not yet commented on the US State

Since debuted in 2012, Texas has helped subsidize F1, which has a huge seven-digit penalty fine. -Statesman also said the governor's office has paid millions of Texas Motor Speedway for his annual NASCAR race, 2018 NCAA Final Four and Super Bowl LI. The NTT Data IndyCar Series is set to make its debut track on March 22-24.

Payments to COTA are reportedly based on how much economic activity the F1 race generates for Texas, and is estimated at 175,000 to attend the race. Letter dated October 2018 from the Governor's Office, which was received by the American State Member, the local Organizing Committee Circuit Events (CELOC) missed the deadline for submitting the required report on the fight against human trafficking 30 days before the US Grand Prix in 2018. Brian Daniel, Executive Director for Governor's Economic Development and Tourism, wrote that since CELOC did not meet this deadline, his claim for compensation was canceled.

"In this case, the law clearly recognizes that if the plan for preventing trafficking in human beings is not filed 30 days before the event, the compensation from the Fund for Major Events can not be issued," said John Wittman, spokeswoman for the company Abbott in an e-mail message. "The State of Texas and COTA have a productive partnership that has had a huge economic impact on the city of Austin and the state as a whole, and our office is already working with COTA on next year's races.

t First approval for public funds for the US Grand Prix September 24. But after the officials of the economic development realized that they did not receive a plan to prevent human trafficking, the approval was canceled, the letter said. The plan was planned on September 19, but COTA did not submit the plan until October 3.


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