Organizers of the proposed Austin Formula One auto race plan to build the track on about 900 acres near Elroy in southeastern Travis County, according to one of the major land owners involved.
Tavo Hellmund, managing partner of Full Throttle Productions LP, revealed Red McCombs as the primary investor for the Formula 1 United States Grand Prix™ racing project. McCombs, a business and sports legend, is committing financial resources, experience and the business relationships of McCombs Partners to complement Hellmund and his extensive motorsports’ background.
Other investors include the private investment company Prophet Capital Management and 1993 500cc motorcycle World Champion Kevin Schwantz.
The site for the proposed USF1 circuit needs several upgrades to the infrastructure, such as modifying the roads around it to handle an increase in automobile traffic.
Hopefully this will happen, but I’m not going to flip out if it doesn’t happen, as they’re really cutting it close with the construction of the circuit.
Work on the circuit is expected to begin in December and is set to be completed just weeks ahead of the inaugural race in June 2012.
The 2012 event in Austin will be the first F1 race in America since the 2007 Indianapolis Motor Speedway.