Here is the news coverage:
Austin News, Weather, Sports, Traffic | KXAN.com
And the media "blog" on the site for the track:
McCombs invests, F1 site revealed
Track to be built near SH 130 and FM 812
Updated: Tuesday, 27 Jul 2010, 10:12 PM CDT
Published : Tuesday, 27 Jul 2010, 9:43 AM CDT
AUSTIN (KXAN) - KXAN Austin News is first to learn businessman
Billy Joe “Red” McCombs is the principal investor in the new Formula 1 track to be built in Austin. The newly announced project partner said he dove into this endeavor, knowing its potential to make a huge economic impact on the area and also in his own wallet.
"Well, I hope it's immense," he chuckled to a crowd of media and guests during Tuesday's press conference at the
AT&T Executive Education and Conference Center at the
University of Texas .
The center is part of McCombs’ UT namesake, the
McCombs School of Business . In addition to making Forbes magazine’s top 400 richest Americans since 2005, he was also a former owner of the
San Antonio Spurs ,
Denver Nuggets , and the
Minnesota Vikings . Forbes says he is worth $1.3 billion.
The founder of the
Red McCombs Automotive Groups and co-founder of
Clear Channel Communications joined the man responsible for bringing the track to Austin, Tavo Hellmund, and various Formula 1 officials. Hellmund, a former racer and Austin native, said the city is built for F1 success.
He cited its geographic location, its nightlife for the estimated 200,000 visiting fans, and Austin's willingness to embrace technology as reasons the city will be the first permanent home to F1 in the U.S. in nearly three decades.
"Without a doubt, (this will) make this one of the true great sporting events in the world on an annual basis," Hellmund said.
Hellmund's company, Full Throttle Productions, and McCombs Partners are two of a small handful of investors in the estimated $250 million project. Prophet Capital Management, an Austin-based private investment company founded in 1995, is the third, along with the additional services of MotoGP World Champion Kevin Schwantz.