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US Grand Prix Plans Accelerate

by F1Fan on August 8, 2010

The Formula One United States Grand Prix took another step towards reality with the recent announcement from Tavo Hellmund managing partner of “Full Throttle Productions”, promoter of the United States Grand Prix.

In a recent Press Release Hellmund officially announced that Red McCombs and McCombs Partners has signed on as the primary investor in the Austin based Formula One project giving US formula One fans some hope that the planned purpose built Formula One Facility may actually be built.

“It is a great honor to have Red McCombs and McCombs Partners as our primary investor and partner. Red’s success in business and the professional sports arena is legendary. Working together as a team and under Red’s direction, we will ensure that this project will make all Texans very proud and will benefit our great State.”

McCombs, a business and sports legend in Texasa, founder of the Red McCombs Automotive Group, a co-founder of Clear Channel Communications, former owner of the San Antonio Spurs, Denver Nuggets, and the Minnesota Vikings, and the namesake of the McCombs School of Business at the University of Texas at Austin is committing financial resources, experience and the business relationships of McCombs Partners to complement Full Throttle Productions. Commenting on the newly announced partnership McCombs had this to say:

“Bringing Formula 1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want. The size and scope of an F1 event is comparable to hosting a Super Bowl and will bring substantial economic benefit to Austin, San Antonio and the entire State of Texas. We know Tavo has a clear vision for developing Formula 1 into a major event with year-round opportunities. Over the past few years, he has built a solid business foundation and has assembled a great team – one we are proud to be part of. We are ready to roll-up our sleeves and work alongside Tavo to make this project a huge success.”

It cetainly seems like Tavo Hellmund is the real deal and is pulling together a substantial team of investors that include Prophet Capital Management, an Austin based private investment company, and MotoGP World Champion Kevin Schwantz in addition to primary investment of Red McCombs and McCombs partners.

Full Throttle Productions also announced the official web site for the Formula One United States Grand Prix where Formula One fans will be able to find information on the progress of the project.

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{ 3 comments… read them below or add one }

www.racingpad.com August 8, 2010 at 11:00 pm

Why is a Formula One car still a car, even though it has got no roof, doors, or bonnet?
Why is the business side of the sport so important and what’s the role of the sponsor?

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atxfan23 August 10, 2010 at 12:42 pm

Great article! Cant wait for F1 to be in Austin!

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vfacundo September 30, 2010 at 6:43 am

If you support Formula 1 returning to the US, join “Friends of Formula 1 Austin Texas” on Facebook and Linkedin.com
Great commentary, pictures and anything related to the new circuit in Austin Texas.

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