A group of Austin business executives and lawyers have formally asked the state for $25 million of funds each year over the next 10 years to cover costs associated with a series of Formula 1 auto races at a track under construction in southeast Travis County.

The five-member Circuit Events Local Organizing Committee, acting on behalf of the city of Austin, has submitted a request to Texas Comptroller Susan Combs for the annual subsidies. The money would come from the state’s Major Events Trust Fund.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.