Posted by Crystal Olenbush on Tuesday, May 25th, 2010 at 6:22pm.

Formula 1 has announced today that Austin, Texas will host a Formula 1 Grand Prix race starting in 2012. A new racetrack will be constructed in Austin, and this new facility will be one of the best in the world. This is a tremendous opportunity for the city, and a dream come true for racing fans. We can hardly wait!!!

Formula One Officials Select Austin to as New Home of Formula One

Formula One World Championship Limited, Formula One Administration Limited and Full Throughout Productions, LP have recently announced that Austin will serve as the host city to the Formula 1 United States Grand Prix from 2012 through 2021.

“We are extremely honored and proud to reach an agreement with the FI Commercial Rights Holder,” said Tavo Hellmund, who is the Managing Partner of Full Throttle Productions, LP. “We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix in Austin, Texas as a prestigious global event.”

The historic decision has caused many residents to pause and take notice, though some have expressed concern regarding the expense involved with constructing a new track for the event. Yet others are not concerned about the cost, as the investment is expected to pay off in the long run. In addition, Formula One representatives are quite excited about receiving a new track built specifically for the event.

“For the first time in the history of Formula One in the United States, a world-class facility will be purpose-built to host the event,” said Bernie Ecclestone, who is the President and CEO of the Formula One Group. “It was thirty years ago that the Formula 1 United States Grand Prix was last held on a purpose-built permanent road course circuit in Watkins Glen, New York (1961 through 1980), which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval. Lewis Hamilton won the last Formula 1 United States Grand Prix in 2007, signaling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for Formula One in the US.”
Hellmund went on to express his appreciation to the city of Austin and to explain some of the reasons for selecting the city to become the new host to the event.

“This is a case of the right time in the right place,” said Hellmund. “As many Americans know, Austin has earned a reputation as one of the ‘it’ cities in the United States. Austin features that rare combination of ideal geographic location and beauty. Its fine dining, world-renowned hospitality and excellent transportation infrastructure make Austin ideally suited to host and manage an event of this magnitude. Few cities if any in America could rival the connectivity of all the key elements needed for hosting a Formula 1 event as well as Austin. Now, many people around the world will have the opportunity to experience a world-class event, facility and city.”
According to reports, government officials throughout the state of Texas are thrilled to be hosting the Formula One event. Not only are they excited about the potential impact on the state economy, but the prestige associated with the event will also help the city receive the recognition it deserves.

“[The state is] looking forward to this worldwide event and the benefits it will bring, including local job creation, increased tourism and a significant impact added to our state economy,” said Texas Comptroller of Public Accounts Susan Combs. “The visibility and prestige of this event will spotlight our state on an international stage.”

3 Responses to "FORMULA 1 IN AUSTIN!!!!"

TLC-Houston wrote: WOW! What an economic Boon for Austin & Texas!

Posted on Wednesday, May 26th, 2010 at 2:35pm.

Vikram wrote: I read that the economic impact on the city will be the same as having a Super Bowl come to town every year. They are expecting hotels to be sold out from San Antonio to Temple. Amazing

Posted on Tuesday, June 22nd, 2010 at 10:50pm.

Romeo Manzanilla wrote: With all of these planned developments, I think that Austin is on the verge of becoming a major economic center not only in Texas but in all of the U.S.

Posted on Monday, July 5th, 2010 at 10:52pm.

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