Austin F1 Update

[Steve Herrod]

They had hoped to drive it in town but didn't get the red tape filed in proper time (and I guess the city wasn't feeling that they should cater to them).

Did you watch the video from a few posts above? The car is doing donuts on what I'd guess to be Congress Ave. with the Capitol Building in the background (haven't been to Austin since the 70's so I may not have the geography exactly right).

Here's another video of Coulthard on the streets of Austin: http://www.speedsportlife.com/2011/0...-of-austin-tx/

And finally, the website for the circuit, where you can get real information on the track:
http://circuitoftheamericas.com/

[Ted Idlof]

How are they doin'? still on schedule? bluedog, what have you got for us? Any inside project team gossip?

Thanks.

anyone more or less confident than before? Whatever the work stoppage was was shortlived and of no consequence? Just wondering.

[turnbaugh]

Everything still looks okay from the local perspective here.

[Ted Idlof]

Everything still looks okay from the local perspective here.

Glad to hear it.

[Steve Herrod]

As of November 4th: http://www.autosport.com/news/report.php/id/95892

[Frank C]

I think there have been other stories (w/NJGP) about Bernie's comments. Now one of the fellows building the track has responded:
http://www.planet-f1.com/driver/1822...ernie-s-claims

A more interesting quote from Bernie, suggesting NJ is more certain.
http://www.itv.com/formula1/news/201...12-races-9938/

- Frank C

[Ted Idlof]

I guess I went to sleep after we were assured that Murphy and his law was outlawed in Texas and that everything was in hand and in control Amen.

So, what is the story that Bernie is alluding to? something about distance (and presumably some dischord) between the........I don't know......is it the race promoter (that's still Tavo right?) and the track builder (who is that?)?

I'll get a cup of coffee, try to wake up and understand the background and hopefully an explanation of why it's just Bernie having fun and jerking some chains. I mean what is up with saying that about Austin and with nothing really started yet in N.J. he says, "no problems; get your hotel rooms." If there's really no problems with Austin, that's a cheap shot.

The 411 please.

[cheeze131]

Not looking so great for event. Dunno?

http://austin.culturemap.com/newsdet...draws-support/

[carl correll]

Not sure I'd get my information from an "online newspaper". What's the Inquirer have to say about the Austin F1 race?

As a transplant from CA, I'd say politics in Texas are pretty complicated. I'd bet on the F1 race happening and Perry being elected to the White House. They have funny ways here in the land of guns and endless smooth pavement.

[cooleyjb]

I dunno. Local paper says that all construction stopped indefinitely.

http://www.statesman.com/blogs/conte..._construc.html

[cheeze131]

From Speed's website:
http://formula-one.speedtv.com/artic...ended-at-cota/

[carl correll]

I'm kinda old school. To me, a "paper" has real journalists who research stuff. Not people flipping the newsfeed back onto the net. Statesman.com ain't no newspaper.

Now, it's a bummer if the deal dies, but Windtunnel and the Web "papers" don't know everything.

[cooleyjb]

Okay straight from the horse's mouth then

http://assets.circuitoftheamericas.c...11511_1400.pdf

[turnbaugh]

I guess they can't play nice together.

http://houston.culturemap.com/newsde...um=socialmedia

[Ted Idlof]

The big print giveth.........
and the small print taketh away.

Bummer.

[DanW]

"A verbal contract isn't worth the paper it's printed on." - Sam Goldwyn

[R. Pare]

C'mon! Did anyone here really expect that this would be pulled off? This pretty much sounds like the same sort of ineptitude that went into USF1.

[Matt King]

I'm kinda old school. To me, a "paper" has real journalists who research stuff. Not people flipping the newsfeed back onto the net. Statesman.com ain't no newspaper.

Now, it's a bummer if the deal dies, but Windtunnel and the Web "papers" don't know everything.

How about the New York Times via Associated Press? Do they meet your standards?

http://www.nytimes.com/aponline/2011...r=1&ref=sports

[Offcamber1]

C'mon! Did anyone here really expect that this would be pulled off? This pretty much sounds like the same sort of ineptitude that went into USF1.

Medium rare. Yes, that's how I like my steak.

The big question here to me is how many millions of Texas dollars has Bernard the Troll pocketed in advance?

Maybe I can get my friend who be me the steak at St. Elmo's to go double or nothing on the New Jersey deal? (Or at least a side bet on a shrimp cocktail...)

[Ted Idlof]

Medium rare. Yes, that's how I like my steak.

We don't want Curmudgeon Central to become "the thing" of the week. Keep the club small. Everyone's going to pile on now, so smile silently.

But the fat lady ain't singing yet. As quickly and silently as it fell apart, they could all come together and sing kumbaya by the end of the week.

[thomschoon]

C'mon! Did anyone here really expect that this would be pulled off? This pretty much sounds like the same sort of ineptitude that went into USF1.

Why do we always have to look like such hustlers or amateurs when it comes to F1! Maybe we can have Jersey in 2012 and save me the trip to Austin, but I do hope it happens as it would be nice to see them at home versus doing the euro tour, errr I mean business trip.

[R. Pare]

I certainly hope that I'm wrong, but when I see this sort of "wish and a prayer" financing, accompanied by all sots of promo-speak, my antennae go full up.

[dalz]

Why do we always have to look like such hustlers or amateurs when it comes to F1!

Because no sane American interest would even consider the expense of F1. It's not commercially viable. There just isn't enough interest, at the price Bernie has on it. New Jersey is a pipe dream too. When NFL and MLB owners have the PR fight of their lives to get public funds, you think that a niche sport (sorry, that's what it is here) run by a pompous little Euro pr**k will get any?

The ONE person in all of America who could have made it happen, did: Tony George. And it didn't make enough economic sense to last. It would take another eccentric multi-billionaire who wanted F1 at all costs, including his dignity to Bernie. And if he existed, he could get his competitive fire stoked, his ego boosted, and become a high-profile sportsman in many other ways in US motorsports for a small fraction of the price and headaches. It's the sad truth.

[jdp526]

http://www.statesman.com/blogs/conte...eady_to_c.html

[turnbaugh]

On the local news tonight this sounds pretty bad. Bernie was quoted as saying it wasn't going to happen. They have until Dec 7 to get the issues resolved and then they miss the 2012 schedule.

[DB4 Tim]

Me thinks this will implode...what in the world would the do with all they have done

[jim morgan]

Maybe Bernie is pushing for some quick cash before the bribery trial in germany unravels?

[VehDyn]

Me thinks this will implode...what in the world would the do with all they have done

If the current team does not continue, hopefully someone will come in and finish the work so we can all use it for racing and non-Bernie related series. It would be a shame to waste the work and real estate.

[Swift17]

" ... Lesson number one: Don't underestimate the other guy's greed!"

Frank Lopez to Tony Montana

[NPalacioM3]

Another article on it.

http://www.independent.co.uk/sport/m...3-6263133.html


Looks like it is definitely off for 2012.

[DB4 Tim]

Very sad...now you wonder if the entire bottom will drop out

[Mark_Silverberg]

If the current team does not continue, hopefully someone will come in and finish the work so we can all use it for racing and non-Bernie related series. It would be a shame to waste the work and real estate.

As the original master plan for the site was for a large scale subdivision the project make take a different direction. It is largely earth moving which has taken place. It can be reconfigured into anyting. It could sit idle for a decade or so (such is not uncommon in Texas).

Tavo was always out of his league, the only thing he brought to the table was his personal relationship with Bernie - he did not bring any money himself. It is not uncommon to see such an individual get pushed out once serious money gets spent.

Once the original contact was cancelled with Full Throttle Bernie was entitled to request new terms. Was the original contract a teaser? - who knows - it very well could have been. Given the new information and the new announced race date in NJ the state of TX is entirely entitled in changing their dispersal terms. If the circuit owners / investors are serious they need to come up with the sanction fee. At this point, however, they are not negotiating from a position of strength.

There are really only three outcomes from these events.

1) The circuit land owners re-group and get sanction money in place for 2013 (not likely)
2) The land sits idle for about a decade an gets repurposed when Austin develpment stats to move in that direction (most likely)
3) Another entity comes in to finish the project as a track on a smaller scale to attract US series and perhaps Moto GP. (not likely in this business envronment).

[turnbaugh]

Supposedly they also have agreements with MotoGP and Australian V8 Touring Cars.

Not sure if that is enough to pay the bills. I would guess not.

[cheeze131]

I can't wait for the book to be written on this fiasco as I think there is probably way more to the story. My guess is Austin is dead as a F1 venue, Bernie has his NYC race and I feel that is all he has wanted for more than a decade from the US. He wanted it and the New Jersey promoters wanted it, so I imagine the terms were much better than for either Tavo or COTA.
There was a good suggestion on the Speed website, run a SCORE or Lucas Oil closed course event on what has been done.
With release of the fact that the State of Texas had agreed to pay the $25m by June 31, 2011 but has/had not, Bernie's statement concerning FTP's breach of contract going on 6 months no makes sense.
There are so many scenarios that could play out from here, Tavo sabotaging the payment as he is squeezed out, Tavo "helping" NJ get the race as payback for being squeezed, who knows but beyond the lose of the race, this is getting interesting.

[turnbaugh]

Red McCombs has more money than God so maybe he will still finish it. Maybe we can get to run SCCA and NASA races and DEs there!

[Ted Idlof]

I heard COTA has spent only $40 mill to date. Anyone think that's true? I think it's low, way low if they actually had a chance to get it built by Nov 2012 which they kept saying.

But nevermind what we think. COTA, like many other developers in this recession, could very well write off the $40, $100 mill or whatever spent to date because to keep going without Bernie's circus is throwing good money after bad.

I'm hoping COTA still could be bluffing. Coming up with the sanction fee is no big deal, even if it's $35 mill, not the $25 mill offered to Tavo. The question is can they can live with Bernie's new contract offer. Maybe they are dickering with him behind the scenes, although they have little if any leverage and at least on record, very little will.

[Matt King]

Supposedly they also have agreements with MotoGP and Australian V8 Touring Cars.

Not sure if that is enough to pay the bills. I would guess not.

I wouldn't hold my breath on MotoGP sticking around. That series already has contracts for two other races in the US (Indy and Laguna), so the prospects of having a third race in the US seemed dubious all along.

[TimW]

But nevermind what we think. COTA, like many other developers in this recession, could very well write off the $40, $100 mill or whatever spent to date because to keep going without Bernie's circus is throwing good money after bad.

They're only a few mill from finishing it as a short course off road facility, those guys don't need no corporate suites. If redbull can run there, why can't a trophy truck?

Tim

[turnbaugh]

They're only a few mill from finishing it as a short course off road facility, those guys don't need no corporate suites. If redbull can run there, why can't a trophy truck?

Tim

.....because they would have to turn the steering wheel both ways?

[TimW]

.....because they would have to turn the steering wheel both ways?

huh? Am pretty sure most off road racing trucks turn both ways. Racing is always better in three dimensions too, not just two!