AUSTIN (KXAN) — A change in state funding is leading to questions about the future of Formula One in Austin. Circuit of the Americas (COTA) leaders addressed the concerns Wednesday.
Governor Abbott’s office said the state would contribute $19.5 million to the race. That is about 20 percent lower than in previous years.
The organization said in a statement, “Circuit of The Americas was built entirely with private funding based on an understanding of the state’s rules for administering the Major Events Reimbursement Program for the Formula 1 United States Grand Prix, the same way the program applies to Super Bowls, Final Fours and other major events that bring a positive economic benefit to the state.”
The statement went on to say the event has generated hundreds of millions of dollars in economic impact, “The Grand Prix is a cornerstone event that brings global exposure to Austin and makes Circuit of The Americas a year round destination for sports and entertainment.”
State officials say the Governor’s priority is on protecting taxpayers and following the rules for the Major Events Reimbursement program.