BC-CAR--F1-US Grand Prix-Finances
AUSTIN, Texas (AP) — The promoters of Formula One’s U.S. Grand Prix blew a deadline to collect their annual $25 million in Texas taxpayer money to help pay for the 2018 race. Now state lawmakers are about to give them another chance, and make it easier to get the funds in the future.
The U.S. Grand Prix depends heavily on state cash to cover Formula One’s license fees to stage the race each year. The Circuit of the Americas in Austin has collected more than $150 million from the Major Events Reimbursement Program for F1′s only race in the U.S. since 2012.
Race organizers missed a paperwork deadline ahead of the 2018 U.S. Grand Prix and were denied their annual payout, threatening a devastating financial blow. State lawmakers have now stepped in with a measure that would let them reapply and get the money. The bill has already passed the Texas House of Representatives and waits for a Senate vote before legislature session adjourns May 27.