Wed, Jul 28 10 01:18 AM
Red McCombs, a former owner of the NFL Minnesota Vikings and NBA San Antonio Spurs and Denver Nuggets, was introduced on Tuesday as the key investor behind a project to bring Formula One back to the United States.
McCombs, rated by Forbes magazine in 2005 as one of the wealthiest people in the United States, was introduced during a media briefing that confirmed Austin, Texas, as the location for the the purpose-built F1 facility.
"Bringing Formula One back to the United States represents the opportunity of a lifetime and one that any city in the world would want," McCombs said in a statement.
"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."
A Texas native, McCombs has owned nearly 400 businesses during his career, including McCombs Automotive Group and McCombs Energy. He is also the co-founder of Clear Channel Communications.
Formula One commercial supremo Bernie Ecclestone announced in May that the grand prix circuit would return to the United States in 2012 with a 10-year deal to stage the race in Texas.
The United States last hosted a Formula One race at Indianapolis in 2007.
Since that deal ended, Ecclestone had been seeking an alternative venue with teams, car manufacturers and sponsors all keen to return to one of their biggest markets.
Numerous other U.S. tracks have hosted races over the years, including the Texas city of Dallas in 1984 which held it on a temporary street circuit.
Watkins Glen in New York state was the last purpose-built permanent road course to host the race in 1980. The race at Indianapolis used a part of the famed oval, with a section cutting across the infield.
Source: Published>
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