Circuit of the Americas Formula 1 Race Track

[turn1]

Originally Posted by hookem

Honestly, Tavo or not I would have never imagined Austin would host 9 F1 USGPs (including this year). I figured 3-5 when it was announced, but somehow they seem to have fulfilled almost all of the 10 year contract.

If I'm not mistaken, that means Austin has had the third most F1 races in the USA behind Watkins Glen and Indianapolis... is that correct?

The Glen had 20 or so iirc. Indy had 8 USGPs, as has Austin so far. From 1950 to 1960, the Indy 500 was also part of the F1 World Championship calendar, so I guess Indy has had 19 F1 races so far.

[The ATX]

Turn1 may have some details. But word is COTA has shutdown and laid off their employees. But this is not planned to be a permanent closing.

[StoOgE]

Originally Posted by The ATX

Turn1 may have some details. But word is COTA has shutdown and laid off their employees. But this is not planned to be a permanent closing.

I'm guessing with every major sport shut down the venue is moving into panic mode which is probably prudent.

Given their rumored financial situation pre Covid this is probably straining them

[StoOgE]

Looks like half their staff is gone including the Bold GM.

Hopefully someone with deep pockets steps in and makes the purchase and cares about racing

[the Genral]

We may be seeing a plethora of motivated sellers in the months ahead including here. Now may be a good time to snag COTA and put the savings back into the track, that is if goes up for sale at a bargain price. Its already in depreciation mode.

[turn1]

Originally Posted by The ATX

Turn1 may have some details. But word is COTA has shutdown and laid off their employees. But this is not planned to be a permanent closing.

Yeah, my buddy and I were the ones who broke that story to the journalists that ended up writing stories about it.

It's definitely not planned as a permanent measure, but it's a huge blow. The longer the track, the concert venues, and the soccer/rugby 'stadium' sit empty, the worse it gets. The money stops coming in, but the bills don't. If they lose MotoGP down the road, it's another big blow. If they lose F1 ... ?

Circuit of the Americas Closing Indefinitely, Staff Laid off
Event cancellations due to coronavirus fears put future of Austin, Texas, track in jeopardy.

https://www.autoweek.com/racing/more...aff-laid-off/#

Looks like Monaco is bowing out ... And now it looks like Baku might be the next F1 domino to fall ...

https://twitter.com/MenaceF1/status/1239482034650853381

[turn1]

Re: COTA selling ... It all depends on the price tag. It's been way overpriced until now, which is why it hasn't sold already, even when the place also was in better condition.

Something else to consider, which probably lowers the value even further, is that COTA's F1 contract ends after 2021 ... And now Roger Penske has confirmed that he's had his son in talks with FOM about bringing F1 back to Indy starting in 2022.

Miller: Penske confirms talks with F1 over potential 2022 return to Indy ... IMSA endurance race also a future option
https://racer.com/2020/03/15/f1-imsa...2lsOOdbTywsg3s


From what I've heard, anyone who pays more than $75M or so for COTA is crazy, but COTA needs a lot more than that to sell.

[turn1]

COTA is now objecting to reporters over the use of the phrases "closed" or "shut down indefinitely", citing that track rentals, kart racing, etc are going on as usual, and stressing that COTA is merely operating at a reduced staffing level until the crisis is over.

But COTA operates at a minimum staffing level any time there isn't a race. Hell, there are races where they hardly staff up at all. For races & other big events, they staff up with independent contractors and temp staff, and then send them all home when they're done. Most of the time, they're running with a skeleton crew out there.

We're asking around all over, and other than the soccer team's GM who was let go, we have heard of no real employees of COTA who have been let go. What it really sounds like is business as usual in terms of staffing, and that COTA is angling to make a case for disaster relief.

[The ATX]

I haven't seen any reference to a WARN notice, so the amount of layoffs must be less than 50 regular (as opposed to contractors) employees.

[turn1]

So much for COTA's righteous indignation over reporters saying the track was closing...

All track rentals cancelled through May, gates closed, & no karting.

[turn1]

Wild Bubba's is closing. Doesn't seem to think there's a reason to stay open going forward....

[turn1]

Did COTA withdraw their PUD request?

https://austintexas.gov/cityclerk/bo...tings/54_1.htm

TO: Zoning and Platting Commission Members

FROM: Sherri Sirwaitis - Planning and Zoning Department

DATE: February 25, 2020

RE: C814-2018-0122 (Circuit of the Americas Planned Unit Development) Postponement
Request

************************************************************************

The staff would like to request an indefinite postponement of the above mentioned case. The
staff is asking for this postponement to complete our review of this PUD rezoning request.

The postponement request was made in a timely manner and meets the Zoning and Platting
Commission’s policy.

[H2O]

Originally Posted by turn1

Did COTA withdraw their PUD request?

https://austintexas.gov/cityclerk/bo...tings/54_1.htm

No. It is a staff postponement request. Standard practice is to grant one postponement request each to the applicant, the staff, the commission and to any organized opposition (usually 'the neighborhood').

[turn1]

Originally Posted by H2O

No. It is a staff postponement request. Standard practice is to grant one postponement request each to the applicant, the staff, the commission and to any organized opposition (usually 'the neighborhood').

Thanks. Is it common for the staff to do that? What kind of thing would cause them to ask for an indefinite postponement?

[The ATX]

Originally Posted by turn1

Cool. Is it common for the staff to do that? What kind of thing would cause them to ask for an indefinite postponement?

It's pretty common. I don't know what the issue is in this case, but one reason I see used a lot is that Staff needs more time to complete a traffic analysis.

[turn1]

Originally Posted by The ATX

It's pretty common. I don't know what the issue is in this case, but one reason I see used a lot is that Staff needs more time to complete a traffic analysis.

Thanks. Scuttlebutt from Elroy folks is that the money went bye bye. Also hearing from folks that worked there that they think the track is closed for good, fwiw.

[turn1]

FYI, COTA is doing more resurfacing on some of the resurfacing they did just 3 months ago. What I've heard is that the paving guys are saying there are cracks again already at T1, 12, 16-18, and 19 ... and that they've repaved or are repaving portions of the recent January resurfacing of all of those turns. Not surprising, really, given what TK was saying about the track during the IndyCar test. We predicted this. Didn't think it would take less than 3 months though.I also heard just now that this is the third round of resurfacing they've done this year on the same turns, with the second round having gone under the radar.

[The ATX]

COTA is trying to come up with a new (or any) revenue stream. A permit was filed today for drive-in movies and concerts. They are working with C3, so maybe it will work.

The Drive-in Austin Concert / Movie Series will be a recurring live music performance played before an audience seated next to their cars, similar to a classic drive-in movie theater.

https://abc.austintexas.gov/public-s...rtyrsn=3505807

[Jdawgboy]

Originally Posted by The ATX

COTA is trying to come up with a new (or any) revenue stream. A permit was filed today for drive-in movies and concerts. They are working with C3, so maybe it will work.


https://abc.austintexas.gov/public-s...rtyrsn=3505807

There is an advertisement on the side of that old boarded up club near the corner of Riverside and Congress Ave. about camping overnight for concert/music events. I think it would be really cool for a large EDM music festival to be held there, plenty of room for something like an EDC or Tomorrow Land like festival.

[clubtokyo]

That would be cool!