Tavo Hellmund has played down scepticism about the 2012 US grand prix, but admits that failing to get the circuit built in time is a possibility.
Before FIA president Jean Todt said the confirmed race in Austin, Texas, is “just a project”, F1 chief executive Bernie Ecclestone warned promoter Hellmund that penalties will apply if the event does not take place until 2013.

“Well yeah, but we don’t want to do that,” Hellmund said in an interview with GP Week. “That wouldn’t be financially beneficial.

“We have a contract that says we need to have a grand prix in 2012,” he added.

Hellmund denied rumours that, with work on the site needing to begin imminently, land has not even been acquired.

“There hasn’t needed to be any progress on the land because we already have the land,” he insisted.

“I know people have been digging around to find my names. Well, I wasn’t a rookie and everything was put in holding names. The land is exciting and the (Hermann) Tilke folks have been coming non-stop.”

He also addressed reports that, apart from the State of Texas’ funding, the identity of Hellmund’s financial backers is still unknown.

“Why is that anybody’s business?” Hellmund replied. “I’ve got a big group put together that is world class, well known, and a lot of them are going to want to stay anonymous.

“The only two groups that I have to satisfy outside of our group is Formula One Management, who ask for your bank statements, and the State of Texas for passing the legislation that will allow us to be included in the major events trust fund.”

As for whether the project is moving forwards, Hellmund said “we can’t spend money any faster than we already are”.

“Tilke and the general contractors have been working on this for a while and everyone’s saying we can do it.

“If not, that doesn’t mean we’re not going to have a grand prix. We’ll pay whatever penalty we need to pay. We’re not doing this to have a one-off race. We want to have the US grand prix here for the next 40 years,” he added.

In the midst of reports that New York was Bernie Ecclestone’s favoured location, the sport announced late on Tuesday that Austin, Texas will in fact stage its first race in 2012.

The 10-year contract is for a “purpose-built” facility, F1 chief executive Ecclestone said in a statement, although details including an actual site, cost or race date were not released.

A report of the AP news agency said the venue would be built “within 10 miles” of Austin airport.

The promoter is Full Throttle Productions, headed by Tavo Hellmund, who Texas Comptroller of Public Accounts Susan Combs revealed has a “30 year relationship with Mr Ecclestone”.

“We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States,” said Hellmund.

“We realise that over the last 30 years there have been one or two missing pieces from the previous editions of the formula one United States grand prix,” he added.

Never on a purpose-built circuit, previous US grands prix have been held at Watkins Glen, Long Beach, Las Vegas, Detroit, Dallas and Phoenix.

Between 2000 and 2007, the famous Indianapolis Motor Speedway hosted the event, and spokesman Fred Nation on Tuesday questioned whether the “business deal” between F1 and Austin is a sound one.

“Since 2007, we have been asked many times about having formula one return, and our answer has been the same each time: if the business deal is right, they are welcome back.

“If such a deal is in place in Austin, we wish both the city and formula one success for a race in the United States,” he said.
(GMM)