{"id":14742,"date":"2025-10-21T23:29:17","date_gmt":"2025-10-21T23:29:17","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-tx\/14742\/"},"modified":"2025-10-21T23:29:17","modified_gmt":"2025-10-21T23:29:17","slug":"new-deal-secures-long-term-future-of-formula-1-event-in-austin","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-tx\/14742\/","title":{"rendered":"New deal secures long-term future of Formula 1 event in Austin"},"content":{"rendered":"

\t\t\t\tFormula 1<\/a> draws fans from across the globe, and the adrenaline-fueled event pumps more than $1 billion into Travis County\u2019s economy over a single October weekend each year, according to county documents.<\/p>\n

What\u2019s happening?<\/p>\n

On Oct. 16, a new deal among the racing agency, Travis County<\/a> and Circuit of the Americas<\/a> ensures the economic engine will keep spinning locally through 2034.<\/p>\n

The big picture<\/p>\n

By approving the agreement, Travis County formally endorsed the Formula 1 United States Grand Prix at COTA\u2014allowing event organizers to seek state funding through the governor\u2019s major events program<\/a> to help cover the costs of hosting the event.<\/p>\n

The Texas Legislature has made hundreds of millions of dollars available via the program to incentivize tourism, according to county documents.<\/p>\n

COTA is a privately funded facility that pays property taxes to Travis County, the city of Austin<\/a>, Del Valle ISD<\/a>, Austin Community College<\/a> and Central Health<\/a>. The county\u2019s endorsement of the Formula 1 event does not grant any property tax exemptions, per county staff.<\/p>\n

Of note<\/p>\n

The Formula 1 community makes stops across five of the world\u2019s seven continents over the course of the year, including cities like Barcelona, Spain; Mexico City, Mexico; and Melbourne, Australia.<\/p>\n

Since arriving in Austin in 2012, the Formula 1 United States Grand Prix draws over 430,000 fans annually\u2014nearly 70% visiting from out of state, per economic impact report<\/a> from the governor\u2019s office.<\/p>\n

Over the last 13 years, the event has generated over $10 billion of economic activity across the Central Texas region and over $38 million in taxes for the state, according to a news release<\/a>.<\/p>\n

\u201cAustin and Travis County are at our best when we work together to attract and retain major international events that drive tourism, create jobs and elevate our reputation on the world stage. Our message today is simple. Austin and Travis County intend to keep the Grand Prix right here, and we intend to do it with purpose, partnership and Texas confidence,\u201d Travis County Judge Andy Brown said in a statement.<\/p>\n

Looking ahead <\/p>\n

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