• US Grand Prix

Hellmund insists US Grand Prix funding in place

United States Grand Prix promoter Tavo Hellmund has broken cover to address mounting concern over his organisation's plans to stage the US Grand Prix at Austin from 2012.

Since Tuesday's announcement there has been no end of speculation over the substance of a bid which could cost several hundreds of millions of dollars. Critics have been quick to make comparisons with the failed Donington Park venture as well as the US F1 shambles, both of which started with big dreams and ended because they were unable to raise nearly enough cash.

"We've got the funding, but we don't have a billion dollars to build an Abu Dhabi," Hellmund said without going into any specifics. "But what we do have is a great piece of land. It's a killer location. It's just a few miles from the airport so, for sure, it's a great location."

Hellmund has also angered a vociferous minority of Formula One fans by appointing Hermann Tilke's company to design the track. "I signed a deal with him a long time ago," he said. "They know where FIA and FOM [Formula One management] want every plug, literally. They've already done the design, there's already a master-plan."

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