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Texas state releases $29m fund to organisers
The Texas government has released funds from the Major Events Trust Fund (METF) to the organisers of the United States Grand Prix following the success of the inaugural event. Texas Comptroller Susan Combs had previously promised state funding of $29 million (£18m) to the organisers in return for bringing Formula 1 to Texas. However a legal battle ensued which ensured the funds would only be issued should the race bring "significant economic benefits" to the state. The race attracted a sell-out crowd of 117,429 spectators on race day and is thought to have boosted hotel revenue in the local area threefold compared to the same period in 2011 - a period of time which saw the...
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13y ago from TheF1Times.com
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