Texas state paying $25m for 2012 F1 race

Bernie Ecclestone is charging $25m (??17m / ??20.29m) for the first United States Grand Prix in 2012

Local newspaper the Austin American-Statesman claims the local government is putting forward the money for the race. The money comes from a pot used to fund major sporting events such as the Super Bowl.

The race promoters intend to pay future race-hosting fees using the funds raised from previous events. Assuming Ecclestone’s typical annual ‘escalator’ for race hosting fees of 7%, that would mean they need to raise $26.75m from this year’s race to pay for next year’s.

Construction of the track, estimated to cost $250m, will not be paid for from public funds.

At present every race on the F1 calendar is supported by government money in some way, apart from the British Grand Prix.

Read more: F1 to race in Texas, USA in 2012

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