HellmundÃ¢â‚¬â„¢s Full Throttle Productions is the company behind the race and the promoter himself has over 25 years experience in racing, marketing, promoting and staging sporting events.
The new purpose-built Grand Prix circuit will be situated in south east Austin along the SH-130 corridor on the property known as Wandering Creek, and will be designed by F1Ã¢â‚¬â„¢s usual architect Hermann Tilke as the first American track to be designed specifically for F1.
Work on the circuit is expected to begin in December and is set to be completed just weeks ahead of the inaugural race in June 2012.
Hellmund has also revealed his investors for the first timeÃ¢â‚¬â€a big talking point for many fans who were sceptical over whether the project would be destined for failure like Donington LeisureÃ¢â‚¬â„¢s attempts to take the British Grand Prix away from Silverstone.
Entrepreneur Red McCombs and private investment company Prophet Capital Management are the primary partners in the project, along with MotoGP champion Kevin Schwantz.
McCombs is one of the leading names in the automotive industry in the US, and is also a long-standing member of Forbes magazineÃ¢â‚¬â„¢s top 400 richest Americans.
He has reportedly owned over 400 businesses in his lifetime, and is Ã¢â‚¬Å“committing financial resources, experience and the business relationships of McCombs Partners to complement Hellmund and his extensive motorsportsÃ¢â‚¬â„¢ background.Ã¢â‚¬Â
Speaking about the project, Hellmund said: Ã¢â‚¬Å“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.Ã¢â‚¬Â
Current championship leader, Lewis Hamilton said: “I am looking forward to going back. How can you have a world championship without a race in America?
“It is one of the biggest countries in the world. So it is pretty awesome to be able to get back there.”
The 2012 event in Austin will be the first F1 race in America since the 2007 Indianapolis Motor Speedway.
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