Home / Auto News / News article: Formula 1 Texas Race Is Back On Again - AutoGuide.com News
 |  Dec 07 2011, 7:30 PM

Thanks to a last-minute financial deal that came through to secure the $25 million in sanctioning fees needed for the new Circuit of the Americas to part of next year’s F1 circus, the US Grand Prix is back on track for 2012.

F1 supremo Bernie Ecclestone, had given the consortium that’s constructing the track in time for next season, until December 7th to come up with the money, otherwise the Circuit of the Americas risked being withdrawn from the 2012 racing schedule.

Ecclestone had said that providing the money upfront, as well as assurances that the required funding would be available for the race over the next 10 years, was necessary for the deal between F1 and the Circuit of the Americas to go ahead, even though previously, the Texas state comptroller said that the $25 million in public funds necessary for sanctioning wouldn’t have been made available until the start of the race next year.

Now that the money has been secured, work on constructing the circuit (which had been on hold since November 15th) could resume. The 2012 US Grand Prix is slated to take place on June 17th, one weekend after the Canadian Race in Montreal.

[Source: KXAN news]