Quote:
Originally Posted by We vs us
F1 is in a weak spot and might have to give up some of that state support if it wants to continue in Austin. (I also assume they don't have other possible venues in the US to jump to -- part of the problem may be lack of competition from a comparable facility.)
|
Welcome to the forum!
I don't know much about the hospitality industry, but I do know a little bit about F1 and Greg Abbott. Unfortunately, F1 does not "renegotiate". F1 boss Bernie Ecclestone really does not care if Austin or any USGP continues; F1 races churn more often than COTA management, and except for a few races none have any negotiation power. He always has a few countries wanting an F1 race in his back pocket, and they are willing to pay. So the inability for Austin to pay the full amount will result in termination.
As for Greg Abbott, he is the typical Texas politician, he knows that the contempt that many Texas voters have for things like a European sport... it's an easy target to gain political points. He also knows where his bread is buttered, and I guess the folks behind COTA haven't been buttering enough. He also knows, as the former attorney general (and knowing the current attorney general), that any legal challenge to the funding cut will fail in the Texas courts.
What Abbott might not know is that any reduction in the funding is most likely the end of the race. I assume he's been advised of this, but the reason I say he might not know is because if he did, then why not get the max political points and kill the whole subsidy? The result would be the same.