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Questions about future of US Grand Prix as Texas cuts funds

Texas reducing public funding for US Grand Prix, raising question about race's future

Questions about future of US Grand Prix as Texas cuts funds

AUSTIN, Texas (AP) -- Texas Gov. Greg Abbott's office is cutting nearly $6 million in public funds from the United States Grand Prix, raising questions about the future of the Formula One race after just four years in Austin.

Race organizers say they've already taken a financial hit this year because of heavy storms that nearly wiped out two days of the race weekend in October.

Abbott's office says the race will still get about $19.5 million in state money from the Major Events Trust Fund this year. That's about $6 million less than last year.

Race officials say they were promised at least $25 million per year for 10 years, a deal made with former Gov. Rick Perry and former Comptroller Susan Combs.

State lawmakers gave Abbott control of the fund this year.


Updated : 2021-09-25 20:42 GMT+08:00