- Circuit news
Tavo Hellmund allays US GP fears
US GP promoter Tavo Hellmund has played down fears that the circuit for the confirmed race in Austin, Texas may not be ready in time for 2012.
F1 supremo Bernie Ecclestone warned Hellmund that penalties would apply if the event does not take place until 2013.
"That wouldn't be financially beneficial. We have a contract that says we need to have a grand prix in 2012." Hellmund told GP Week.
With work on the site needing to begin imminently, Helmund denied reports that the land has not even been acquired yet.
"There hasn't needed to be any progress on the land because we already have the land. 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."
Hellmund also addressed reports that the identity of Hellmund's financial backers is still unknown.
"Why is that anybody's business?" added Hellmund. "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.
"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."