http://www.formula1.com/news/headlines/2010/7/11082.html

Tavo Hellmund, managing partner of Full Throttle Productions LP, revealed Red McCombs as the primary investor for the Formula 1 United States Grand Prix™ racing project. McCombs, a business and sports legend, is committing financial resources, experience and the business relationships of McCombs Partners to complement Hellmund and his extensive motorsports’ background.

Hellmund and McCombs Partners have been working on potential site development as well as event and facility infrastructure. The end result will present one of the world’s most prestigious sporting events and the first ever purpose-built Formula One facility in the United States.

Hellmund, an Austin native, event promoter and former race car driver, has had a lifetime affinity for Formula One racing and has spent the last three years working to deliver the return of Formula One racing to the U.S. with his hometown of Austin as the event’s backdrop.

“This project has been a tremendous undertaking,” stated Hellmund. “But for at least the next decade, Texas will host a global sporting event on an annual basis in a new world-class multipurpose facility. Knowing that our hard work is being rewarded and that my dream is becoming a reality is extremely gratifying.

“It is a great honour to have Red McCombs and McCombs Partners as our primary investor and partner. 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.”

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

“We know Tavo has a clear vision for developing Formula One into a major event with year-round opportunities. Over the past few years, he has built a solid business foundation and has assembled a great team - one we are proud to be part of. We are ready to roll-up our sleeves and work alongside Tavo to make this project a huge success.”

McCombs, a Texas business and sports icon, is the former owner of the NFL's Minnesota Vikings and the NBA's San Antonio Spurs and Denver Nuggets. In addition, McCombs is the co-founder of Clear Channel Communications and has owned nearly 400 businesses in his career, including McCombs Automotive Group and McCombs Energy. McCombs Partners serves as the investment management division of McCombs Enterprises, the family office of Red McCombs.

In addition to McCombs Partners, Hellmund’s team includes Prophet Capital Management, an Austin based private investment company founded in 1995, and MotoGP World Champion Kevin Schwantz.

Hellmund also launched the event’s official website: www.formula1unitedstates.com, a site dedicated to the local, state, national and global communities interested in the Formula 1 United States Grand Prix™. The site’s objective is to provide racing and non-racing fans alike a view into the global sporting event where 'technology meets glamour'. Site content will include information on the event visionary and investment group, FAQs, the host city of Austin, event news, Formula One racing information and Formula1.com’s onboard lap driving experience. Fans will have the opportunity to register to receive additional information including updates on event ticket packages. The site will be continually updated with the latest news and developments for the Formula 1 United States Grand Prix™ project and respective racing industries.

Formula One racing is ranked among the top three most prestigious sporting events in the world along with the Olympics and Soccer’s FIFA World Cup. Formula One is considered the most technologically advanced sporting event in the world. It has a massive worldwide following, attracting more than 520 million viewers in 187 countries - making it the most-watched annual sport in the world. This project will place Austin and the state of Texas on the global stage. Its economic impact to the community is estimated to be approximately US$300 million on an annual basis, according to the Office of the Texas Comptroller.

Austin, Texas is located at the epicentre of a surrounding population of nearly 20 million people and provides 130 daily departing international flights within 180 miles. Austin also offers easy access from each U.S. coast, as well as from Canada, Europe, Mexico, Central and South America.

The track will be located on a 900-acre site in southeast Austin along the SH 130 corridor near FM 812. The majority of land involved in the project is formerly known as the Wandering Creek property. The site’s natural topography is expected to provide an excellent canvas for the world class facility.

For more information, visit www.formula1unitedstates.com.

http://www.formula1.com/news/headlines/2010/5/10824.html

Formula One World Championship Limited and Formula One Administration Limited (together, the F1 Commercial Rights Holder) and Full Throttle Productions, LP, promoter of the Formula 1 United States Grand Prix™, announce that a historic agreement has been reached for Austin, Texas to serve as the host city of the Formula 1 United States Grand Prix™ for years 2012 through 2021.

“We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder. We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix™ in Austin, Texas as a prestigious global event,” stated Tavo Hellmund, Managing Partner of Full Throttle Productions, LP.

Bernie Ecclestone, President and CEO of the Formula One Group stated: “For the first time in the history of Formula One in the United States, a world-class facility will be purpose-built to host the event. It was thirty years ago that the Formula 1 United States Grand Prix™ was last held on a purpose-built permanent road course circuit in Watkins Glen, NY (1961-1980), which enjoyed great success. Since then, Formula One has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval. Lewis Hamilton won the last Formula 1 United States Grand Prix™ in 2007, signalling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for Formula One in the US.”

Mr. Hellmund added: “This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the ‘it’ cities in the United States. Austin features that rare combination of ideal geographic location and beauty. Its fine dining, world-renowned hospitality and excellent transportation infrastructure make Austin ideally suited to host and manage an event of this magnitude. Few cities if any in America could rival the connectivity of all the key elements needed for hosting a Formula 1 event as well as Austin. Now, many people around the world will have the opportunity to experience a world-class event, facility and city.”

“We are pleased Texas has the opportunity to be involved with Formula 1 and that an event of this magnitude is coming to Austin,” said Susan Combs, Texas Comptroller of Public Accounts. “It has been a pleasure working with Full Throttle Productions, LP and Mr. Hellmund on this project. Their tradition of producing successful major events coupled with a thirty year relationship with Mr. Ecclestone has us looking forward to this worldwide event and the benefits it will bring, including local job creation, increased tourism and a significant economic impact added to our state economy. The visibility and prestige of this event will spotlight our state on an international stage.”

Texas Governor Rick Perry conveyed his enthusiasm for the project, explaining “Texas’ relatively strong economy continues to draw both national and international attention and I commend Comptroller Combs for her work in bringing this exciting event to the Lone Star State.”

City of Austin Mayor Lee Leffingwell continued the positive sentiments, adding "The City of Austin will be proud to host this magnificent event and I look forward to welcoming the participants and fans of Formula One to our City."

Full Throttle Productions, LP acknowledges with great appreciation the efforts of all parties involved including Bernie Ecclestone, President and CEO of the Formula One Group, and the local and state officials of Texas.

“It has been a shared vision and monumental task to reach this agreement. We realize that over the last 30 years there have been one or two missing pieces from the previous editions of the Formula 1 United States Grand Prix™. We have a tremendous opportunity at hand to do it right - to feature Austin as the backdrop and produce the Formula 1 United States Grand Prix™ as one of the great sporting events in the world,” stated Hellmund.

In addition to the State of Texas being the 11th strongest economy in the world, it has more Fortune 500 company headquarters than any other state. Key features of Austin include:
- State capital nicknamed ‘Silicon Hills’ for being one of the most important regions in the US for the Technology Industry;
- USA’s 15th largest city and is located 145 miles from Houston (4th largest US city), 70 miles from San Antonio (7th largest US city), and 180 miles from Dallas (8th largest US city), population in this triangle is over 22 million;
- perfectly located geographically for North, South and Central American visitors;
- over 130 daily departing international flights within 180 miles;
- over 250,000 hotel rooms within 180 miles;
- desirable year-round climate, with an average annual temperature of 68 degrees Fahrenheit (20 Celsius);
- geographically located in the Texas Hill Country, easily the most beautiful city in the State, and considered one of the most in the US;
- hotels/downtown/Formula 1 circuit/airport located within close proximity of each other, which is nearly impossible for any other large city in the US;
- world class night life entertainment along renowned ‘Sixth Street’; and
- large film industry presence - many movies filmed in the area.

Austin’s National Recognition
- Known as “The Live Music Capital of the World”
- Voted “Greenest City in America” (MSN)
- Voted “Least Stressful Large Metro” in the United States (Forbes)
- Voted Top Two “Best Cities” in the United States (Money Magazine)
- Voted Top Three “Hippest Cities” in the United States (Forbes)
- Voted Top Five “Safest Cities” in the United States (Forbes)
- Voted Top Ten “Sports & Fitness Cities” in the USA (Sports Business Journal)

Full Throttle Productions, LP is an Austin, Texas, special event and sports production company that provides event conception, event project management, day of event oversight, staffing and volunteer services, venue planning and logistics support.

More information on the Formula 1 United States Grand Prix™ will be forthcoming shortly. In the meantime, all queries should be directed to info@fullthrottleproductionslp.com.