Austin's F1 circuit.

Questions and answers about going to a race weekend
tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Wow...I tune out for a day and all sorts of hell breaks loose:

http://www.motorsport.com/f1/news/insid ... -2012/?i=2

COTA/ State of Texas at odds over $18M payment to FOM? USGP under the ax?

Apr.10 (GMM) A respected F1 correspondent is expecting F1's 2012 calendar to shrink to eighteen races this year.
Livio Oricchio, who writes for Brazil's O Estado de S.Paulo, thinks the sport is now on the verge of cancelling next weekend's visit to Bahrain.
And he also thinks November's US grand prix, scheduled to take place at the brand new Circuit of the Americas in Austin, is in doubt.
So the championship that should have 20 races will most likely have only 18.
Livio Oricchio
"The construction has fallen way behind," said Oricchio, "and there are serious problems between the promoter and the Texas government.
"Each side is looking to the other on the obligation to pay the fee, estimated at $18 million, to FOM (Formula One Management).
"So the championship that should have 20 races will most likely have only 18," he concluded.






http://www.statesman.com/blogs/content/ ... _tavo.html

COTA seeks private arbitration in Hellmund lawsuit:

In March, racing promoter Tavo Hellmund filed a lawsuit against investors Bobby Epstein and Red McCombs and other individuals and companies linked to Circuit of the Americas, the $300 million racetrack in southeastern Travis County scheduled to host a Formula One Grand Prix in November.
The courts are now deciding what — if any — portion of that dispute will be made public.
In addition to damages, Hellmund is seeking to examine the company’s books and records.
Previous story: F1 promoter sues other race investors
In late March, at the request of the defendants, certain court records were temporarily sealed pending a public hearing on that matter, which is scheduled for 2 p.m. May 8 at the state district court in Travis County.

...

According to Eric Wetzel, a spokesman for Hellmund’s legal team, “Bobby Epstein wants this matter sent to arbitration, which is a closed-to-the-public, confidential resolution process. Mr. Hellmund wants this case tried to a Travis County jury. So far, we are winning that battle.”






COTA is considering off-site parking in Kyle, Texas (about 23 miles away):

http://www.bizjournals.com/austin/blog/ ... rking.html
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

DeJoria added to investment team:

http://www.bizjournals.com/austin/news/ ... ustin.html

“When I learned about the chance to bring F1 to Texas through a facility like Circuit of the Americas, I couldn’t wait to be involved,” said DeJoria, who fell in love with Formula One while attending a 1995 race in Monaco.
DeJoria said he was also drawn to the investment because it promotes all forms of racing, year-round family friendly entertainment and multi-purpose community uses.



County commissioners still have questions about road work:

http://www.statesman.com/blogs/content/ ... l_hav.html

“Like most new initiatives, we had a lot more questions than answers,” county Judge Sam Biscoe told the American-Statesman today.

...

“It appears they don’t have the cash flow to prepare the site for the event,” Precinct 2 commissioner Sarah Eckhardt said. “I don’t think a private venture’s cash flow problems are a good policy decision to base this on.”

Biscoe would not say exactly how much race organizers are asking for, but said they are “requesting as much funding as they can get.”

Biscoe likened the construction of the circuit to a large development. Developers typically pay for at least part of the development of roads around their site, he said.
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Here is KVUE-TV video of an animated meeting last night between Circuit of the Americas officials & Elroy residents. COTA officials had no answers to transportation concerns. Preliminary plan on the way near the end of April?

http://www.kvue.com/news/Elroy-resident ... 25415.html
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LRW
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Re: Trouble brewing for Austin's F1 circuit?

Post by LRW »

So they haven't got their traffic plans in order. With 7 months to go.

:yikes:
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

LRW wrote:So they haven't got their traffic plans in order. With 7 months to go.

:yikes:


Yep.
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andrew
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Re: Trouble brewing for Austin's F1 circuit?

Post by andrew »

LRW wrote:So they haven't got their traffic plans in order. With 7 months to go.

:yikes:


Don't worry, there's still loads of time.
tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

New Main GS photos from COTA's Facebook page:

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LRW
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Re: Trouble brewing for Austin's F1 circuit?

Post by LRW »

andrew wrote:
LRW wrote:So they haven't got their traffic plans in order. With 7 months to go.

:yikes:


Don't worry, there's still loads of time.


Ok, I appreciate 7 months is a long time construction wise, but for traffic PLANS. These should of been done in initial planning stage.

Ok, I dint know what its like in the States, but if you were over half way through the construction phase, and didn't have finalised, rubber stamped plans oh how you were going to get 150k people onto and off your site in.m one day, you'd be duck.
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Here's another news station's look at the Elroy traffic meeting between COTA reps and residents:

http://www.weareaustin.com/news/top-sto ... 1199.shtml

David Sweazy, a spokesperson for Circuit of the Americas, the operator of the race, says his group didn't come up with that idea, but residential passes are a possibility. He says a firm plan about a number of logistical matters is still not in place.


Watch the part where Sweazy is obviously feeling the pressure as he says:

"We hope to have a plan probably in the next month, 30 days maybe, that I can come back in front of you folks and say look, here's a plan, here's what we want to recommend to you," said Sweazy at the meeting.
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Remember the buy-sell clause mentioned in the Statesman article a while back?

http://www.statesman.com/sports/formula ... 98638.html

San Antonio billionaire Red McCombs might have less than a week to decide whether he's willing to be bought out of the Circuit of the Americas racetrack or instead will purchase the shares of Full Throttle, the company of Tavo Hellmund, once the driving force behind the project.

That's the claim made in a letter sent Wednesday from Hellmund's lawyers to McCombs. The letter contends that, in accordance with a company agreement, a buy-sell procedure began on Jan. 11, and the 90-day period for a relevant response expired Wednesday. The letter also claims McCombs now has until next Wednesday to say he will purchase Full Throttle's shares or McCombs' shares will be considered sold, with the closing on May 25.

Buy-sell, or push-pull, agreements are meant to resolve extreme differences in companies. One party makes an offer to buy out the other with the knowledge that it also then opens up the possibility of a reverse buyout.

According to the letter, Full Throttle is offering to acquire McCombs' 20 percent share for $8 million while claiming that Full Throttle's slightly larger share would be valued at $8.2 million.

If Full Throttle is successful in obtaining McCombs' stake, it could change the dynamics of a $300 million project that has been marred by a rift between Hellmund and Bobby Epstein, who is believed to be the lead investor.

The letter states, "Upon the consummation of the McCombs Units ... Full Throttle expects to hold over 40 percent of the equity of the Company and have the power to appoint three of the Company's 5 managers."
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geetface9
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Re: Trouble brewing for Austin's F1 circuit?

Post by geetface9 »

LRW wrote:
andrew wrote:
LRW wrote:So they haven't got their traffic plans in order. With 7 months to go.

:yikes:


Don't worry, there's still loads of time.


Ok, I appreciate 7 months is a long time construction wise, but for traffic PLANS. These should of been done in initial planning stage.

Ok, I dint know what its like in the States, but if you were over half way through the construction phase, and didn't have finalised, rubber stamped plans oh how you were going to get 150k people onto and off your site in.m one day, you'd be duck.


I agree. That would be my first question if I were sitting in that board meeting talking about an F1 race. I REALLLLLLLLY wanna go to the inaugural race because it will be my first race in person and, well, the inaugural race :P but I am quite tempted to wait until next year just because I have a feeling they are going to :censored: the logistics all up with traffic and such, and hopefully next year they'll get it right and have learned from experience.

I went to a metallica concert (the first and last I will ever go to) last year, with 30k people, and it took us 3.5 HOURS to get out of the parking lot...not to mention the concert was in a city about 1.5 hours away from my house. Even an inaugural F1 race isn't quite enough to overcome my uncertainty with this issue. Now imagine 100k+ people and supposedly only one or two 2-lane highways going in and out to the track......................................................
Not bad for a #2 driver
tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Dave Doolittle's Statesman writeup of today's "Topping Off" ceremony:

http://www.statesman.com/blogs/content/ ... celeb.html
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LRW
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Re: Trouble brewing for Austin's F1 circuit?

Post by LRW »

geetface9 wrote:. I went to a metallica concert (the first and last I will ever go to) last year, with 30k people, and it took us 3.5 HOURS to get out of the parking lot...not to mention the concert was in a city about 1.5 hours away from my house. Even an inaugural F1 race isn't quite enough to overcome my uncertainty with this issue. Now imagine 100k+ people and supposedly only one or two 2-lane highways going in and out to the track......................................................


I can beat that. In 2007 it took me 10 (yes, TEN) hours to get out of a festival here in the UK, all because if poor planning. And this was 200meters from parked car to exit.

And that was only 135k people.
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tim wood
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Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

Statesman construction photos posted a little while ago:

https://www.facebook.com/media/set/?set ... 490&type=1

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tim wood
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Joined: 08 Jun 11, 15:49

Re: Trouble brewing for Austin's F1 circuit?

Post by tim wood »

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