From Circuit of The Americas:
Circuit of The Americas™ Ready to Pay Sanctioning Fee and Offering More
Proposal Satisfies 2012 Request, Accelerates Payments for Subsequent Years
AUSTIN, Texas – November 24, 2011 – Circuit of The Americas has responded to Formula One Management’s contract requirements by agreeing to an immediate cash payment of the sanctioning fee for the 2012 United States Grand Prix (USGP). In addition, Circuit of The Americas has offered to establish an advance payment schedule for USGP races beyond 2012.
The offer comes after several weeks of talks, and once accepted, will secure the USGP on the Formula 1 race calendar.
“We have been ready to send Mr. Ecclestone a sanctioning fee check for some time now,” said Bobby Epstein, founding partner of Circuit of The Americas. “He hasn’t received it yet because the new contract presented to us two weeks ago contained unrealistic and unfeasible demands. We have signed and returned a contract similar to what we anticipated receiving. This race should be a reality, but if we are going to make the 2012 race date, we must receive a countersignature in the coming few days. We believe the teams, fans, sponsors and local business share our enthusiasm and hope that their voices will be heard.”