Bolstered by primary financial backing from San Antonio multimillionare Red McCombs, promoters will build a Formula 1 United States Grand Prix track on 900 acres just southeast of Austin, Texas, organizers announced July 27.
Tavo Hellmund, managing partner of Austin-based Full Throttle Productions LP, revealed McCombs as the primary investor for the Formula 1 project. McCombs, who made his fortune from car dealerships and radio stations, is a former owner of the NBA’s San Antonio Spurs and Denver Nuggets and the NFL’s Minnesota Vikings.
The business school at the University of Texas at Austin is named after McCombs.
“Red’s success in business and the professional sports arena is legendary. Working together as a team and under Red’s direction, we will ensure that this project will make all Texans very proud and will benefit our great state,” Hellmund said.
The Austin track will the first one ever built in the United States just for F1.
The track will be on a 900-acre site southeast of Austin along the State Highway 30 toll road near FM 812. The majority of the land was known as the Wandering Creek property.
“Bringing Formula 1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want,” McCombs said. “The size and scope of an F1 event is comparable to hosting a Super Bowl and will bring substantial economic benefit to Austin, San Antonio and the entire state of Texas.”
Full Throttle has an agreement in place for Austin to host Formula 1 racing from 2012 through 2021.
In addition to McCombs, supporters of the F1 project include Prophet Capital Management Ltd., an Austin-based private investment firm led by Robert Epstein, and world motorcycle champion Kevin Schwantz of Austin.
The Texas state comptroller estimates the project will have an annual economic impact of $300 million. State officials have earmarked $25 million in state money for the racetrack.
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