Oof. More funding trouble for COTA? I thought I already posted this here but I guess not... Trouble at COTA? Texas newspaper claims $250 million in state funds may be in jeopardy: Trouble at COTA? Texas newspaper claims $250 million in state funds may be in jeopardy | News | Motorsport.com Source article in San Antonio Express News: $250M in state funding for F1 track in question: $250M in state funding for F1 track in question - San Antonio Express-News Circuit of the Americas could face challenge to Texas state-funding for F1, according to newspaper report : Circuit of the Americas could face challenge to state funding in Texas for Formula One race | Autoweek
Comptroller candidate calls for changes after Express-News Formula One investigation Comptroller candidate calls for changes after Express-News Formula One investigation - Texas Politics
Maybe the hotel rooms at the HGI will not be $850 a night! This is a major flaw in Ecclestones biz practice - most 1st world countries cant make the $25M sanctioning fee and then turn a profit... i have not made my flights yet for the race...
I *love* this little tidbit; Bernie; I presume that should be "from", not "to", but seems, as usual, Bernie's way ahead of the politicos! Susan Combs little "jaunt" to the GP at Silverstone a few years back makes more & more sense..... Cheers, Ian
No, the "to" is correct. What's in question is a necessary application from CELOC to FOM to secure the race for Austin. Without it, it would seem that the USGP is ineligible for the subsidy according to state law.
Ahh, OK, gotcha!...... Too damn many acronyms here! Still love the fact it was verbal & not written though! Cheers, Ian
All kidding aside, Prof Sid said that was one place where he's incredibly 'old fashioned' - His handshake is indeed all that's required for a deal to be golden etc. And further, that he'll *never* renege on a handshake and finds it upsetting that not everyone he does business with is not the same way..... Now, as has been mentioned before, you may want to count your fingers before shaking, 'cause he can convince you that you only had 9 coming in, but that's a different debate. Cheers, Ian
this is a win - win for everyone involved, this event brings in millions, there is no reason for the state government to stop backing the race
Many are openly wondering if COTA will be in business in another year or two. Lots of PSL holder like myself are concerned. I honestly wonder when the owners will get out of their own way. The debacle with Kevin Schwantz cost them a TON of fans. Top ten worst PR gaffes in business history IMO. The management turnovers, the rejection of so many potential users of the track, cancelling the Australian Supercar event. Either I don't understand this business at all (and I have a history of being very successful in business) or they entered into a business they aren't really in touch with. Still, I have thoroughly enjoyed every event I have attended there and felt they were very well run on that level. Excited to go to Lone Star Le Mans this weekend.
I don't know that it's a win-win for everyone, but I do think there are big benefits for having the race here, too. Not just for me, but for the community. That said, that doesn't excuse COTA or CELOC from following correct procedures to become eligible for subsidies. On the contrary, the enormity of the subsidies they have been receiving demand that everything be done on the up and up. COTA has been getting ~$25M of taxpayer money for each F1 race and millions more for other events. IIRC they've collected $60M+ from the taxpayers so far, for two seasons worth of races. A bit of transparency is a small price, imho. The way this fund seems to be run, it's starting to look like just a back door into taxpayer cash. The kind of back door where you slip the bouncer a 20 and you're good to go loot the place. This controversy isn't the first involving this fund. It's just the first for such a high profile event that repeats annually. I personally have no problem with the concept of fund. I just want it to be done in a legitimate manner and administered correctly.
I agree with everything in your post and I'll be out there this weekend as well. I never bought into the PSL thing because I don't have the kind of money to be able to justify the crazy prices, and it just didn't ring true when they said they would be adding more pro racing series to the annual calendar. At the time they had 6 events on the calendar IIRC. That number never increased and has now decreased to 3. I always like to talk to PSL owners when I get a chance so I can get their take on the last two years of COTA management. Got any extras to sell? I just need one & I'd rather pay a ticket-holder than Epstein!
Wasn't Jerry Jones raked over the coals for the same kind of thing when he built their new stadium? Cheers, Ian
Yep, for the Super Bowl. But he got paid, despite attendance falling woefully short of projections...much as is the case with COTA.
+1 Don't know if I should really do this 'in public' as it were, but what the hell - May as well have some fun and maybe entertain the peanut gallery along the way..... Background; I've been thinking about going. I even have some friends locally I can stay with. My 'problem' is I want into the pits, but don't want to pay VIP prices. I don't mind paying for a grandstand seat for Sunday (or even all 3 days, per their ticket site) but beyond that, meh..... So, BigTex; If you've still got it, I'll 'steal' your spare shirt!.... Tom S; if you're not going, what's the chances of passing along the pass?..... I'm only half way joking here, and believe me, if "we" can pull it off, many pix and hopefully entertaining tales will be supplied. Cheers, Ian
They only sucked me in for one. 8>) And the only reason that I did that is about 6 of my friends and I all went in to get seats together. I can check with them to see if they are all going or if they bought a ticket and aren't using it and I will let you know. Regardless, we should meet at some point soon.
I have been guessing the event will go for at least another two years. Then it will be history like all prior USGPs. Government subsidies for sporting events will be reduced if not eliminated all together. Too many complaining about using taxpayer money for events they will never see.
The Express-News has done a 3rd story now, following up on KXAN's piece with Epstein: http://www.expressnews.com/news/local/article/Epstein-says-F1-made-a-verbal-application-5760115.php Epstein says F1 made a 'verbal application'
4 days, 4 stories... More doubt cast on Formula One application for state funding More doubt cast on Formula One application for state funding - San Antonio Express-News
