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28 July 2010

A man once ranked in the Forbes list of the 400 richest Americans has been revealed as the primary investor behind the project to take F1 back to the United States.

Red McCombs, former owner of two NBA teams as well as the Minnesota Vikings American Football outfit, is to provide financial backing to the project, while his McCombs Partners company will work alongside race promoters Full Throttle Productions LP to help put the project together.

“Bringing Formula 1 back to the United States represents the opportunity of a lifetime and one that any city in the world would want,” McCombs said. “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.”

“It is a great honor to have Red McCombs and McCombs Partners as our primary investor and partner,” promoter Tavo Hellmund added. “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.”

A media press conference that confirmed McCombs’ involvement with the project also confirmed the location for the new Hermann Tilke-designed circuit that will created specifically for F1’s return to American shores.

Land that was previously destined to become a residential development named Wandering Creek will instead become the home of the new venue and is located within a stones throw of Austin-Bergstrom International Airport.